Ontario Municipalities Need a Bailout Now

By all estimates, municipalities will be running deficits of between $10-$15 billion across Canada. There’s one problem, it is illegal for municipalities to run deficits. What options does Toronto have before it to address this quickly growing issue?

Toronto is facing a best-case scenario shortfall of $1.5 billion in lost revenue this year because of the COVID-19 pandemic. The city would have to raise property taxes by an estimated 47 per cent in order to make up that shortfall. Maybe its time for a provincial and federal bailout...