2022 Capital & Operating Budget
Updated: Jan 18
The City of Toronto’s Budget Committee has begun the process of reviewing the staff-recommended tax-supported 2022 operating and capital budgets. The budgets will be reviewed and debated by Budget and Executive Committees before being finalized and approved by City Council at its meeting on February 17.
You can share your feedback on the staff-recommended budgets with the Budget Committee by registering to speak at its meetings on January 24 and 25, or by submitting written comments by email or mail. Speakers are asked to register by 4:30 p.m. on January 21. More information about ways to provide feedback is available at Toronto.ca/Budget.
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Budget Notes, Reports & Presentations
The budget proposes an overall average budgetary increase of 2.11%. This equates to a 2.9% property tax increase for residential properties – an additional $93 for the average Toronto household, a 1.45% increase for commercial properties and a 0.97% increase for industrial properties. There will be no increase for multi-residential or apartment buildings, as per provincial legislation. The budget also includes the City Council approved 15% property tax rate reduction for small businesses.
The budget includes an incremental 1.5% increase to the City Building levy consistent with the City’s planned and approved capital funding strategy – an additional $48 for the average Toronto household. This dedicated levy will be invested in major transit and housing capital initiatives.