Toronto council approves new measures to deal with grim financial situation

By News on the Net -- Yahoo News —— Bio and Archives September 7, 2023

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Toronto city council approved new revenue tools on Wednesday to address the city's grim financial situation as it faces $1.5 billion in budget pressures.

At a special meeting, councillors passed measures to increase municipal land transfer tax rates for homes valued at $3 million or higher and to remove the cap on $5/hour street parking. The land transfer tax increase for luxury homes is set to take effect Jan. 1, 2024. ---More...