Toronto Mayor Olivia Chow unveiled her 2025 city budget, proposing a 6.9% property tax increase to finance essential services and address a $1.2 billion deficit. The budget allocates resources for transit improvements, expanded school meal programs, renter protections, and affordable housing initiatives.
Mayor Olivia Chow , who has proposed a 6.9 percent tax increase on homeowners in 2025, says the city needs to invest in services after a 'decade of neglect.' Her finalized budget will be presented to city council on February 11. Toronto Mayor Olivia Chow , pictured in her office in December, presented the finalized version of her 2025 city budget Thursday. Mayor Olivia Chow presented a mostly unchanged final version of her 2025 city budget Thursday, which keeps a proposed 6.
9 percent tax for homeowners, saying Torontonians want improved city services and a better quality of life — and they're willing to pay for them. The updated version of the mayor's first budget proposal from January 13 includes an operating budget of $18.8 billion, as well as a $60-billion 10-year capital plan. The proposed budget would pay for services including transit improvements, expanded school meal programs, protections for renters, and increased spending on affordable housing programs, Chow said at a news conference Thursday morning in the city's St. James Town neighborhood.'Tough choices have to be made as we continue to climb out of a decade of neglect,' Chow told reporters, defending the proposed tax increase. 'We cannot balance our budget on the backs of cuts to the city services people rely on.' The proposed budget also has $680 million in 'reductions and offsets,' Chow said. She said the city has worked vigorously to secure funding from the provincial and federal governments for a variety of city needs, but Toronto still has to find money to improve services and help overcome a $1.2 billion budget shortfall. The only major change from the first version of the budget, Chow said, is the expansion of property tax relief for seniors and people with disabilities. It raises the property tax deferral and cancellation income threshold for those groups by five percent to $60,000. That would support an additional 2,300 households, Chow's office said in a release. Chow said the lack of changes to her final budget was in response to what she heard in budget consultations with the public since January 13. 'What they said really confirmed the proposed budget that we launched,' she said. 'We must invest to make life easier.' The proposed tax hike drew some pushback when it was first announced earlier this month, with Coun. Brad Bradford saying then that it would only make life less affordable in the city, while services stagnated.In a letter Chow wrote Thursday to outline her budget, she acknowledged another increase would be 'challenging for many across the city.' This year's proposal includes a 5.4 percent property tax hike in addition to the annual 1.5 percent 'city building fund' levy, which goes toward major infrastructure projects. The increases would amount to an additional $268 annually for the average Toronto homeowner, according to budget documents released earlier this month.
TORONTO Mayor Olivia Chow City Budget Property Tax Increase City Services Affordable Housing Transit Improvements School Meal Programs Renter Protections
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto Mayor Chow Proposes 6.9% Tax Hike in 2025 BudgetToronto Mayor Olivia Chow's proposed 2025 budget includes a 6.9% tax hike for homeowners, split between a 5.4% property tax increase and a 1.5% 'city building fund' levy. The budget also prioritizes improved TTC service, extended library hours, and increased spending on affordable housing.
Read more »
Toronto Mayor Chow Proposes 6.9% Residential Property Tax IncreaseToronto Mayor Olivia Chow unveiled her 2025 budget proposal, which includes a 6.9% increase in residential property taxes. While aiming to support the city's operations and infrastructure, Chow also emphasized efforts to mitigate the impact on residents through expanded property tax relief programs.
Read more »
Toronto Mayor Chow Links Property Tax Increase to Enhanced City SafetyToronto Mayor Olivia Chow defends a 6.9 percent property tax increase proposed in the 2025 budget, stating that it will be crucial for funding public safety initiatives and creating a safer city. This news comes alongside other notable stories from across Canada and the globe, including a suspect charged with assaulting police officers in Cranbrook, B.C., job cuts at the federal immigration department, a stabbing incident in Lunenburg County, Nova Scotia, and the arrest of alleged human smugglers in Quebec.
Read more »
Toronto Mayor Chow Highlights Property Tax Increase for City SafetyToronto Mayor Olivia Chow emphasizes the 6.9 percent property tax increase in the 2025 budget, stating it will be instrumental in enhancing the city's safety.
Read more »
Toronto Mayor Chow Aims to Boost Traffic Agents to 100Mayor Olivia Chow is pledging to increase the number of traffic agents in Toronto to 100 by the end of the year to alleviate traffic congestion at busy intersections. The initiative, which will cost approximately $3 million, is intended to improve traffic flow, reduce travel times, and enhance safety for pedestrians and emergency vehicles. While acknowledging that the additional agents represent a temporary solution, Chow believes it's a crucial investment in improving the city's transportation system.
Read more »
Toronto Mayor Olivia Chow's Star Trek ConnectionToronto Mayor Olivia Chow displays a model USS Toronto, a Parliament-class Star Trek vessel, in her office. Chow, a lifelong fan since her childhood in Hong Kong, shares her memories of watching 'Star Trek: The Original Series' and her admiration for Captain Kirk. The news also highlights Toronto's growing prominence in the Star Trek universe, with several productions, including 'Star Trek: Discovery', 'Star Trek: Starfleet Academy', and 'Star Trek: Section 31', filmed at Toronto studios.
Read more »