Toronto has implemented a 10% limit on tax increases.
We are still waiting for the details.
Does it mean that they will allow a budgetary increase of say 2.5% on top of that or is that the absolute cap?
The other issue is … how are they going to pay for it?
The Capping will mean that a “Clawback” will have to be employed to pay for the Cap. They have not released the Clawback rates yet.
The City has given a deadline of April 17th, 2018 to give us the details of this one year Capping provision. Unfortunately, all we can say at this point is ‘Stay Tuned’. We have a commitment from the City tax department to advise us as soon as they get the details.
We will put it in perspective for you as soon as possible, when we get the details.
Click for more info … City of Toronto 10% Capping