Earlier today the Transit Investment Strategy Advisory Panel (TISAP) announced their recommendations on how to fund transit expansion across the Greater Toronto and Hamilton area (GTHA). Premier Wynne appointed the panel back in September to review the revenue tools proposed in the final Metrolinx report, The Big Move, and consider other options to fund public transit.
The TISAP report, Making the Move: Choices and Consequences, outlines a diversified approach to transit funding, including: new revenue tools, existing government revenue, and a modest debt. More specifically, the report recommends an increase to the corporate income tax (general) rate, an increase to the current gasoline and fuel tax, a reallocation of the HST, and a land value capture strategy. The Panel echoes the concern of the public in recommending that all revenue raised for funding public transit go into a dedicated fund. Furthermore, the panel recommends that only the portion of the revenue stream attributed to the GTHA be invested in the region. Revenue from outside the GTHA should be allocated accordingly across Ontario.
In a statement issued by the Minister of Transportation, Glen Murray, the government announced it will review the panel’s recommendations and propose their plan in the spring.
OREA has been monitoring the GTHA transit debate closely. Ontario REALTORS® are happy that a municipal land transfer tax was not a recommended revenue tool in either the TISAP or Metrolinx reports.
Leave a Reply