City of Toronto is broke

[farquhar]

Toronto looking at slew of revenue options amid grim financial outlook | CP24.com

“The city is experiencing a significant immediate and long-term financial crisis: an estimated $1.5 billion starting pressure for the 2024 operating budget and $29.5 billion in capital needs, which both form part of a $46.5 billion shortfall over the next 10 years,” the city said Thursday.

One of the first measures the city is looking to implement to bring in extra revenue is a bump in the municipal land transfer tax for luxury homes, which would go into effect on Jan. 1, 2024.

Home sales up to $2 million are currently subject to two per cent municipal land transfer tax, while all homes over $2 million are subject to 2.5 per cent. Raising the land transfer tax for homes over $3 million was a campaign promise from Chow. If council approves the implementation recommended by city staff, homes over $3 million will be subject to a 3.5 per cent municipal land transfer tax, increasing gradually to a maximum of 7.5 per cent for homes over $20 million.

Other measures under consideration include increasing the Vacant Home Tax rate from one to three per cent, removing existing on-street parking rate caps to allow the Toronto Parking Authority to raise rates more easily, and asking the province to allow Toronto to implement a Municipal Sales Tax that would apply to the purchase of goods and services in the city.

As long as the Conservatives are at Queens Park, we aren't going to see tolls on the Gardiner or a City of Toronto Sales Tax....but the situation sounds dire.

The Feds have said there is no more money for Toronto, and to go talk to Doug Ford; the Province isn't going to help out Chow unless she agrees to an audit of the finances to see if there is any waste to cut.

 

[stinkynuts]

The only solution is more taxes, unfortunately.

 

[Phil C. McNasty]

Expect more photo speed cameras

 

[farquhar]

The only solution is more taxes, unfortunately.

The article states that even if Toronto implemented all its proposed revenue measures, it only would make up 40% of the financial shortfall.

Toronto can't tax its way out of this one.

 

[oral.com]

There seems to be all kinds of cash for woke projects like the Dundas Street name change

 

[dvous11]

How about cut some of the fat and reduce some services.
You know that responsible live within your means strategy

 

[bazokajoe]

Toronto got what they wanted. A tax and spend NDP mayor.

 

[RZG]

As goes TO, so goes Canada, mostly anyway. Follow the bucks. Tory bailed out just in time, conveniently, he knew what is coming. What we have and far worse.

 

[farquhar]

Tory bailed out just in time, conveniently, he knew what is coming. What we have and far worse.

We'll remember Tory as the Mayor who got caught banging one of his staffers; and really, who cares about that?

Chow is the one who is going to be remembered as in charge while the City slowly circled down the drain.

 

[SaturnFan]

Toronto got what they wanted. A tax and spend NDP mayor.

Toronto was broke before Olivia took office. It's not all on her.

 

[The Oracle]

When the next wave of immigrants hits it's even going to get worse.

Get out while you can. Olivia Chow will hasten the demise and sing her own praises while doing so.

 

[richaceg]

Expect more photo speed cameras

When you book your favorite SP....it would be $180 hh + parking $120....

 

[oral.com]

As clueless as Chairman Chow may be, she really cannot fix the problems Tru-dolt has burdened our country with: A dysfunctional judiciary, A so called harm reduction program for drug use, waves of immigration with no where to house them..

 

[Y_Diner]

Sure, Rob and Doug Ford have done nothing right?
They’re saints and ALWAYS put ppl first.
If it was a PC mayor of TO, Doug would be bailing them out.

 

[ptp]

They can start saving money by getting rid of prefered union bidding on contracts .

 

[Frankfooter]

Toronto got what they wanted. A tax and spend NDP mayor.

This thread should probably be in the politics section.

Toronto had what you wanted, a right wing mayor who left us in debt, big homeless problem, construction everywhere and big revenue issues. Someone's got to fix it.1

Chow makes some good points.
"To build a city we deserve, after years of debate, we need to face facts. Including the fact that time and time again the city has been asked to step up and fund things that are a responsibility of other levels of government," she said. Chow pointed to housing refugees, which make up one-third of the city's 9,000 shelter residents, and long-term care, as examples.According to the staff report, $1.1 billion of Toronto's annual property tax revenue is spent on "extensions of federal and provincial responsibilities."

She should get DoFo to fund all Metrolinx projects, put in the tax on $3 million + homes and get DoFo to fully pay health care costs.

 

[tml]

How about cut some of the fat and reduce some services.
You know that responsible live within your means strategy

What specifically should they cut and reduce?

 

[bazokajoe]

Toronto was broke before Olivia took office. It's not all on her.

You will be deeper in debt at the end of her term.

 

[bazokajoe]

What specifically should they cut and reduce?

Well for starters, stop thinking about renaming streets. The names don't hurt anyone. If they have money for that, they have money to bail themselves out.
Charge more for TTC.
How many people that work in city hall are actually needed?
Increase permits fees for road closures due to condo construction and parades.
Increase hotel tax.
Reinstate property tax on music venues. Covid is over.

https://www.cbc.ca/news/canada/toronto/toronto-property-tax-reduction-live-music-venues-permanent-city-1.6400720

Charge more for arena/soccer field times.

 

[bazokajoe]

As clueless as Chairman Chow may be, she really cannot fix the problems Tru-dolt has burdened our country with: A dysfunctional judiciary, A so called harm reduction program for drug use, waves of immigration with no where to house them..

I'll agree with that.
Niagara Falls is dealing with the same BS immigration issues.
He just doesn't give a fuck.