The Transit Investment Strategy Advisory Panel has released its final recommendations to the Province on how to fund transit expansion across the Greater Toronto and Hamilton Area. The Transit Panel was tasked with assessing Metrolinx's Investment Strategy, which proposed a number of investment tools for funding the "Big Move" regional transit plan.
Potential transit revenue streams recommended by the Transit Panel include:
- a phased and capped increase to the gasoline and fuel taxes (with an option for a lower cap followed by also an increase to the HST);
- a modest increase to the general Corporate Income Tax rate; and
- redeployment of a small portion of HST revenue (charged on gasoline and fuel taxes).
Business parking levies, proposed by Metrolinx as a potential revenue stream, was not recommended by the Transit Panel due to its complexity in administration and adverse impact on small retailers.
Development charges (through changes to the Development Charges Act), which Metrolinx proposed as another potential revenue stream, were not recommended by the Transit Panel at this time because of the Province's current review and public consultation of the Development Charges Act).
The full report, "Making the Move: Choices and Consequences" is available here.