Toronto Is Looking At Raising Taxes For 2022 & Here's How Much More You Could Be Paying
Torontonians still have time to share their thoughts about the budget proposals before it gets finalized.
While nothing is yet official, the City of Toronto is currently considering some budget proposals that could have Torontonians shelling out extra cash the next time they file their taxes.
In a news release posted on January 13, City officials revealed that they are starting to look into staff-recommended tax-supported budgets for 2022.
This includes the potential to raise property taxes for residents of the city.
If approved, the average Toronto household could pay an extra $93 on their property taxes, which adds up to be about a 2.9% increase. Commercial and industrial properties will also see an increase, too.
On top of that, the budget is also proposing to add a 1.5% increase to the City Building levy, which could put an extra $48 on the average Toronto household's tab. Ugh.
For this year, the grand total of the City's operating budget lends out to be a whopping $14.99 billion, which includes the $1.96 billion of the operating budgets approved by the City Council last December.
This year's recommendations include the following so that the City can continue to:
- Provide necessary City services throughout the pandemic
- Invest in their public health sector, which includes continuing to lead its vaccination efforts
- Add 62 frontline paramedics under the Toronto Paramedic Services Multi-Year Staffing and Systems Plan
- Invest in shelters to allow for social distancing
- Boost the transformational work to provide affordable housing
- Invest in the City's transit system
- Aid Toronto's economic recovery, especially for small businesses
- Broaden its digital services for Torontonians and businesses
- Carry out long-term care reform initiatives and build on the City's Senior Services Unit so they can give quality care to LTC residents
- Maintain the City's long-term economical sustainability
Torontonians can let out a sigh of relief because the recommendations have not been finalized by City Council yet.
Residents and local businesses can actually share their feedback straight to the City's Budget Committee by either signing up to speak at one of their meetings on January 24 or January 25, shooting them an email, or sending a letter to the City.
Those looking to speak at the meeting have to register by January 21, no later than 4:30 p.m.
A final budget will be approved by City Council on February 17.
This article's right-hand cover image was used for illustrative purposes only.