High gas prices won’t be the only thing emptying the wallets of Toronto drivers, as the city’s new personal vehicle tax comes into effect Monday.
Starting Sept. 1, city motorists will pay $60 to renew a licence plate sticker for a car and $30 for a motorcycle.
That is in addition to the $74 it costs Ontario drivers to renew a licence plate sticker. That fee is collected by the province.
The new tax is expected to add about $20 million to city coffers this year and about $50 million in 2009.
“What Torontonians tell me is they want to live in a great world city,” Mayor David Miller told reporters Friday. “We have all the potential, but sometimes it requires investment and the way governments invest is through raising money through taxes.”
With a report from CTV Toronto’s Matet Nebres