Jul 06, 2016
By Jane Brown
Toronto’s mayor says he is ready to support new taxes to pay for better transit and other city needs.
John Tory told the Globe and Mail’s editorial board yesterday that the city will need new revenue measures to pay for billions of dollars worth of projects planned for the coming years.
Tory explained that he’s prepared to come forward and talk to the people and talk to city council about the absolute need to generate the revenue necessary to finance capital projects, but mostly transit.
John Tory ran in 2014 on a promise to keep property tax increases at or below the rate of inflation.
But a year after becoming mayor, Tory announced plans to bring in a city building levy on property taxpayers to pay for improved transit and housing. City staff are also considering a variety of additional taxes.
City manager Peter Wallace has warned repeatedly that city hall can’t hope to pay for all of Toronto’s future needs just by raiding reserves or tightening its belt a little.