Toronto Just Approved Its Budget For The Year & Here’s How It Will Affect Your Wallet

Well, it's official. Toronto city council just approved what the budget will look like for 2022, and some residents will be paying a little more on their taxes this year.

In a news release posted on February 17, city officials revealed there will be a property tax increase this year, along with another increase for households, but also some investments that should make Torontonians' lives a little bit easier.

Residential homeowners will see a 2.9% property tax increase, which on average adds an extra $93 for each household. Commercial and industrial properties will also be paying a bit more this year, too.

Anyone at an apartment building, or any other multi-residential building, can let out a small sigh of relief as there will be no extra fees for them this year, thanks to the provincial legislation.

There's also a small win for small business owners, as they will see a 15% property tax reduction on their bills this year.

The budget is also raising the city building levy (which funds transit and housing investments) up by 1.5%, and that means the average Toronto household will have to shell out $48 more to keep up with the city's approved capital funding strategy.

Toronto's operating budget for 2022 comes out to a massive $14.99 billion, including the $1.4 billion from the provincial and federal governments for COVID-19 economic relief as well as the $1.96 billion of the operating budgets city council approved back in December 2021.

The city promises that with this budget they will do the following, including the approved initiatives:

• Keep delivering essential and responsive municipal services during the pandemic
• Invest in public health
• Add 62 frontline paramedics as part of their Toronto Paramedic Services Multi-Year Staffing and Systems Plan
• Invest in shelters
• Boost transformational work to bring affordable and supportive housing
• Invest in transit, including a TTC fare freeze
• Help Toronto's economic recovery and focus on helping small businesses
• Bringing more digital services for residents and businesses
• Put down long-term care reform initiatives and expand the Seniors Services Unit to bring the highest quality care
• Maintain the city's long-term financial sustainability
• Speed up the process of bringing 300 extra housing opportunities for people experiencing homelessness
• Support hospital-based violence intervention programs
• Hire more by-law officers for the expansion of RentSafeTO, multi-tenant housing and noise by-law enforcement
• Expedite the elimination date of late fines at the Toronto Public Library
• Give more funds to maintain the Oakwood Vaughan Youth Space
• Support the 519 community centre
• Give more funds to the Strong Neighbourhood Strategy and Community Partnership and Investment Program grants
• Help provide hygiene products at shelters, respite sites, and drop-in centres
• Support the existing programs for cultural organizations outside downtown Toronto