TORONTO — Officials in Toronto on Thursday proposed several measures to tackle the budget crisis facing Canada's largest city, seeking additional revenue through new taxes and raising rates of certain existing taxes.
A report from Toronto's city manager Paul Johnson and the interim chief financial officer Stephen Conforti, which is focused on Toronto's budgetary outlook, proposes a progressively increased land-transfer tax on high-value homes, raising the vacant homes tax from one to three per cent, and introducing a new commercial parking levy along with higher fees at on-street parking meters.
But both the report and Mayor Olivia Chow said the new measures wouldn’t be enough to balance the city's budget. Chow said the city's new measures and others would only cover about 30 per cent of the city's financial needs over the coming years."Time and time again the city has been asked to step up and fund for things that are responsibility of other levels of government."
Freeland, who is also the federal Finance minister, said the Ontario government has the constitutional responsibility and fiscal capacity to support Toronto.
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