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 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 January 2008. 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
