It could soon cost a little more to stay in a Toronto hotel as the city is now considering a temporary hike to its Municipal Accommodation Tax as a way of helping to offset the cost of hosting the FIFA World Cup.
BMO Field in Toronto is pictured on Wednesday, June 13, 2018. THE CANADIAN PRESS/Christopher Katsarov
City staff say that they have already identified about $83.6 million in revenue from existing sources, including commercial right sales, rental fees and in-kind contributions.that will go before city council’s FIFA World Cup committee next week, staff recommend that the existing tax on overnight hotel stays and short-term rentals be increased from six per cent to 8.5 per cent between June 1, 2025 and July 31, 2026.
“It is anticipated that any potential impacts on hospitality operators will be largely offset by increased room demand and related visitor spending in the lead up, during, and following the FIFA World Cup 2026, as well as substantial future benefits due to Toronto’s global visibility gained from hosting the FIFA World Cup,” the report states.
While some members of city council have criticized the rising costs, others have suggested that the estimated $392 million in economic impact from the event as well as the increased visibility for the city will make the investment worthwhile.
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