Taxpayers call on Toronto mayoral candidates to reject new taxes
Toronto, ON: The Canadian Taxpayers Federation is calling on Toronto mayoral candidates to promise not to impose new taxes should they win June’s mayoral by-election.
“Toronto taxpayers are up at night worrying about being able to afford to stock the fridge and have enough money left to pay for gas to get to work and take their kids to school,” said CTF Ontario Director Jay Goldberg. “The city’s mayoral candidates should be laying out plans to lower the tax burden instead of dreaming up new ways to take more money out of taxpayers’ wallets.”
Candidates Ana Bailão Brad Bradford, Anthony Furey, and Mark Saunders have committed to keep property tax increases below the rate of inflation. Bradford, Furey and Saunders have explicitly promised not to introduce any new taxes.
“Seniors on fixed incomes and families with tight budgets need to know that the next mayor of Toronto won’t pummel them with unaffordable property tax hikes or introduce a raft of new taxes,” said Goldberg. “It’s good to see that some candidates are committing to shield taxpayers from a heavier tax burden.”
Two other leading candidates, Olivia Chow and Josh Matlow, are running on platforms that explicitly promise to raise taxes. Chow is proposing a new homes tax while Matlow is pledging to create a new type of property tax that would cost Toronto taxpayers $390 million over five years.
The average home price in today’s real estate market in Toronto is $1.15 million. The property tax bill for that average home in 2023 will be $6,319 under the city’s present framework.
“Candidates should be looking for savings, not to jack up property taxes or invent new ways to tax residents,” said Goldberg. “To improve the city’s budget outlook, Toronto could save $1 billion by simply returning to 2022 spending levels. It’s time for prudence at city hall, not reckless taxing and spending.”
Council’s already approved the 2023 budget that increased operating spending by 7.9 per cent. That’s equivalent to $1.2 billion. The city already expects revenue to grow at the same pace. Municipal government spending is set to hit a record $16.2 billion in 2023.