Tory Vows Toronto Budget Won’t Have Many Hike Taxes

This article was last updated on April 16, 2022

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Toronto Mayor John Tory has vowed to present a budget entailing significant investment in transit and transportation infrastructure and that also without any noticeable tax hike. Revealing some insight in the soon-to-be-tabled budget, tory told reporters on Tuesday morning that he will try to keep rising property taxes below the rate of inflation with a 2.25 per cent increase.

Discussing his prior announcement to invest almost $95 million in TTC improvements, Tory alleged that he will continue on that path and would not deter when it comes to getting around the city. He stated that “that is what this entire budget is focused on — focused on getting Toronto moving, putting people first and keeping taxes low,” adding that “the budget will continue to maintain the city’s fiscal health.” Sources claim that the increase proposed in the budget is anticipated to be the same, i.e. 2.7 per cent, as under former mayor Rob Ford last year.

The first budget committee meeting is scheduled to start at 9:30 a.m. as many analysts remain curious regarding how Tory’s office would balance almost $75 million in new service improvements with nearly $400 in budget pressure. Tory’s staff has alleged that an already anticipated 10 cent TTC fare increase is partly in place to help resolve the figures. The new tax hike only focuses on non-cash fares and the money collected will largely be spent on transit and transportation infrastructure.