Officials in Toronto are proposing several measures to tackle the budget crisis facing Canada's largest city, including raising the land-transfer tax on high-value homes, increasing the vacant homes tax from one to three per cent, and a new commercial parking levy.
A municipal sales tax, a dedicated 911 levy, more power for the Toronto parking authority to set higher prices and a graduated hike in land transfer tax for luxury homes are among the flurry of revenue proposals city staff are recommending that Toronto explore in order to stave off crushing financial pressures.
“Even with the actions recommended by staff, immediate and sustained support from the Government of Canada and the Province of Ontario is needed to prevent significant tax increases, service level reductions and/or cancellation of capital projects that align with shared goals, including housing, transit and climate action.”
Some of the proposals could start bringing in revenue as early as 2024. But the city its warning at the same time that none of the revenue tools will be effective enough to stave off the budgetary pressure without help from the higher orders off government. Chow has vowed to fight for a new deal for cities, but there is no indication of a breakthrough so far. Finance minister Chrystia Freeland told Chow in an open letter several weeks ago that the federal government does not have “unlimited” money to spend on Toronto.
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