This article was last updated on April 16, 2022
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Ontario Premier Kathleen Wynne’s government has asserted that it is looking forward to hear from Toronto Mayor John Tory in case he asks for tax concessions to expedite the sale of Toronto Hydro. Since there have not been any formal request from Mayor Tory’s office so far, the provincial Finance Minister Charles Sousa has cautioned the city that it would have to account for a 22 per cent provincial transfer tax. He alleged that “Toronto Hydro will be subject to the same conditions as everybody else.”
According to Mr Sousa’s warning, the city could be held accountable to pay $220 million in transfer tax if a $1-billion stake in Toronto Hydro were sold. He explained that “Toronto Hydro would have to abide by that transfer tax number,” highlighting that it has been recently lowered to 22 per cent last year from 33 per cent although it will go back up to 33 per cent in 2019.
Mr. Tory’s communications director, Amanda Galbraith, explained on Friday that the mayor “had initial discussion several months ago with the premier about the fact that council has asked the city manager to report back on asset monetization, including Toronto Hydro.” She elucidated that “that is the extent of those discussions,” adding that the mayor’s office is “awaiting the report from the city manager, which was directed by council, around how we make best use of city assets to meet the growing needs of our city. “To be clear: the mayor is not bringing forward anything. City council voted to direct the city manager to report back on this and other city assets.”
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