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June 25, 2007
New Taxation Measures Report considered by the Executive Committee
  
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 here.”

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 bylaw 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. The earliest implementation of the approved taxes is January 2008.

A copy of the report and back ground 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.

Media contacts:
Joe Pennachetti, Deputy City Manager and Chief Financial Officer, 416-392-8773
Cindy Bromley, Communications Manager, 416-392-4993


 

 

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