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Money Your Toronto tax bill is likely going up, as Mayor John Tory backs city building fund boost

11:15  05 december  2019
11:15  05 december  2019 Source:   cbc.ca

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Toronto property tax bills will be going up in 2020 and beyond as part of Mayor John Tory 's plan to extend the city building fund to help pay for City council still has to approve the increase, but it's likely safe to start budgeting for the hike now as Tory usually controls the balance of power on council.

Your Toronto tax bill is likely going up , as Mayor John Tory backs city building fund boost . Further articles on the same subject. Mayor John Tory . Create your own feed.

Toronto Mayor John Tory is pictured at Toronto City Hall ahead of a meeting with Prime Minister Justin Trudeau, on Tuesday August 13, 2019. Toronto Mayor John Tory is pictured at Toronto City Hall ahead of a meeting with Prime Minister Justin Trudeau, on Tuesday August 13, 2019.

Toronto property tax bills will be going up in 2020 and beyond as part of Mayor John Tory's plan to extend the city building fund to help pay for public transit repairs and more affordable housing.

Tory is backing a plan, revealed Wednesday, that would continue the property tax levy for six more years starting in 2020. The fund, which currently sits at 0.5 per cent, will also go up to 1.5 per cent in 2020 and 2021.

In a news release, Tory's office said this will cost the average Toronto household some $43 a year.

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Mayor John Tory , now in his second term, has long held property tax increases in line with inflation, despite critics who say the city needs to raise According to a report from city manager Chris Murray, the provincial cuts to funding add up to 7.65 million in 2019, including a million shortfall for

Toronto Mayor John Tory is proposing an increase in property taxes to help fund much-needed When the city building levy was first introduced back in 2017, according to the Toronto Star, it was Tory is now proposing that be changed entirely. With city council's approval, he intends to implement

City council still has to approve the increase, but it's likely safe to start budgeting for the hike now as Tory usually controls the balance of power on council.

Enhancing the city building fund — first brought in to pay for mega-projects like the Scarborough subway extension — is expected to bring in some $6.6 billion.

Tory said that money will go toward maintaining the TTC, which struggled again during this week's blast of winter weather, and building more affordable housing.

Yesterday, the city announced an ambitious 10-year housing strategy to create tens of thousands of affordable housing units, raising questions about how the city would afford its share of the costs.

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