More money for municipalities
The windfall from phasing out the hated “Toronto tax” — hundreds of millions of dollars sent from the suburbs each year to bolster social services in Toronto — provided a much-needed respite for municipalities that normally face hefty tax hikes.
For taxpayers in Halton, Peel and York regions, it meant an extra $6 million to $13 million stayed in regional coffers instead of going to the big city. And that amount will continue to increase during the seven-year phaseout.
For taxpayers in Halton, Peel and York regions, it meant an extra $6 million to $13 million stayed in regional coffers instead of going to the big city. And that amount will continue to increase during the seven-year phaseout.