According to the agenda for Tuesday's regular meeting of North Bay City Council, a motion will be tabled seeking the same revenue tools for municipalities in the province as enjoyed by the City of Toronto — in a bid to mitigate the $6-billion infrastructure deficit province-wide.
In 2020, the City of Toronto brought in $800 million from the Municipal Land Transfer Tax (MLTT), representing 15 per cent of its annual revenue. Except for first-time home buyers, the City of Toronto charges and collects the tax in parallel with Ontario for all property sales.
Majority support for the motion brought forward by Coun. Mac Bain and seconded by Coun. Bill Vrebosch would direct the City of North Bay to ask the Premier of Ontario to grant municipalities the same powers Toronto has so they can also impose and collect MLTT.
The City of Toronto Act, 2006, granted Toronto broader municipal revenue tools than the other 443 municipalities in the province. The motion states the Association of Municipalities of Ontario (AMO) has been lobbying for those same revenue tools to be extended to its member municipalities.
The motion claims this revenue tool would generate nearly $2.68 billion toward the growing infrastructure deficit of the municipalities.
If passed, the resolution will be shared with the Provincial Minister of Finance Peter Bethlenfalvy, Nipissing MPP Minister Vic Fedeli, the Leaders of the Provincial Oppositions, the Federation of Northern Ontario Municipalities (FONOM), and the Association of Municipalities of Ontario (AMO).
North Bay City Council meets Tuesday, beginning at 6:30 p.m. for committee and regular meetings.
