TORONTO, June 25 /CNW/ - Today the City of Toronto's Executive Committee
considered a report on the possible new taxation measures available under the
City of Toronto Act directed to maintain and improve the City's essential
programs and services that are vital for a prosperous Toronto. The report also
includes feedback from industry and public consultations held by the City.
"If Toronto is to succeed and our neighbourhoods are to prosper, we need
to make real investments," said Mayor David Miller. "These new taxes are a
first step to allowing us to make those investments. We still, however, need
the province to take back the costs of social services that were downloaded to
the City in 1998 and return to traditional levels of funding for public
transit, and we need the federal government to leave one cent of the GST
The report recommends that Toronto City Council adopt a new land transfer
tax and personal vehicle ownership tax in 2008 and seek further input on the
social, economic and administrative impacts on taxation of alcohol sales in
stores. It also recommends that a billboard tax be considered as part of the
City's sign by-law review.
"These new tax measures will help the City maintain and enhance core
services and programs, and support the City's strategy to achieve fiscal
balance and sustainability," said Deputy City Manager and Chief Financial
Officer Joe Pennachetti.
Annual net revenues from the proposed taxes are estimated at $300 million
for the land transfer tax and $56 million for the vehicle ownership tax.
City Council will consider the report for final approval at its meeting
on July 16, 2007. Earliest implementation of approved taxes will be
A copy of the report and background information is available on the
City's website at http://www.toronto.ca/finance/revenue_tools.htm.
Toronto is Canada's largest city and sixth largest government, and home
to a diverse population of about 2.6 million people. It is the economic engine
of Canada and one of the greenest and most creative cities in North America.
In the past three years Toronto has won more than 50 awards for quality and
innovation in delivering public services. Toronto's government is dedicated to
prosperity, opportunity and liveability for all its residents.
Visit our website at www.toronto.ca
For further information:
For further information: Media Contact: Joe Pennachetti, Deputy City
Manager and Chief Financial Officer, (416) 392-8773; Cindy Bromley,
Communications Manager, (416) 392-4993