Mayor\u002Delect Olivia Chow will be raising taxes and will still likely have to cut services to the get the city out of its financial hole.
The federal government has sent Toronto $915 million for COVID costs over the course of the pandemic and Prime Minister Justin Trudeau had earlier promised to cover pandemic costs. The city expects the feds to match Ontario’s $235 million contribution, but the money wasn’t in the federal budget and Wednesday, Trudeau said the city should go ask the province for more. Thursday, Ontario Premier Doug Ford scoffed at that idea.
Torontonians can afford to get out of their current hole, but next year is another story. When the new mayor sits down to craft her first budget, she will be looking at another monster shortfall. City staff put the number between $1.465 billion and $1.672 billion. They say about half of those costs are related to COVID-19 impacts, which will apparently continue for eternity.
Before the rest of the province starts to feel sorry for those poor folks in Toronto, it’s important to remember that the city has a tax advantages no other Ontario municipality has.
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