New Taxes Could Bring In Millions To Toronto
It could become a lot more expensive to live in Toronto.
That’s if City Council decides to pursue some of the possible revenue streams proposed in a consultant’s report to Mayor John Tory.
New taxes or levies could be introduced on everything from congestion to parking to booze, to bring in an estimated $3.6 billion.
Council will meet later this summer to discuss the report, but it will head to the Executive Committee next week.
The report, prepared by KPMG, doesn’t push any particular tax, only the potential revenue each could bring in, but it does revisit some of the options which were looked at nearly a decade ago.
The city manager, Peter Wallace, would like to see some of the new fees brought in.
An alcohol tax, for example, could bring in a potential $21 million to $151 million but the biggest money-maker would be a parking tax.
That alone could generate up to $535 million dollars for the city.
It could also have a positive environmental impact. Public transit may become a more common option for those fed up with additional fees, meaning a reduction in congestion on Toronto’s already heavily traveled roads.