- Sorry, no extra data today!
POST DATE MAR 17
http://www.toronto.ca/mayor_miller/spee ... speech.htm
11 billion dollars. That's the gap between what Toronto pays in taxes, and gets back in federal and provincial spending. At least it was in 2005.
Lets do some calculations.
The 2005 budget for Ontario had a 1.4 billion dollar deficit.
The 2005 budget was 82 billion dollars in revenue (and 83 in spending)
Canada's 2005 budget was 222 billion dollars in revenue, with a 13 billion dollar surplus (spending was at 209)
in 2006, Ontario had 38.9% of Canada's population. 222 X .389 = 86. and 209 X .389 = 81.
in 2005/2006 Ontario sent 23 billion dollars more to the federal government than they got back.
Logically, we can presume half of that is revenue and half is spending. Lets round down to 22 billion.
Therefore. Ontario sent 97 billion dollars to the feds, and got back 70 billion.
97 is 43.7% of 222, while 70 is 33.5% of 209.
97 + 82 = 179 while 70 + 83 = 153
Therefore, if Ontario were a country, in 2005, it would have had a surplus of 26 billion. This includes the 22 billion we sent to Ottawa, and our share of the 13 billion dollar federal surplus.
This year. Federal revenue is at 231 billion and spending at 281 billion.
231 X .437 is 101, while 281 X .335 = 94
Meaning that Ontario's share of the federal deficit is minus 7 billion dollars (IE we are in surplus)
Ontario's deficit this year is 25 billion.
I cannot find specific numbers for Ontario's revenues and exp. this year. however as seen in 2005 it is likely close to federal numbers. 85 in revenue and 110 in exp. is reasonable to expect.
Therefore, the total revenue and exp. of Ontario, if it were a country, would be 186 VS 204, or an 18 billion dollar deficit
Toronto, remember, has about 20% of Ontario's population
186 X 0.2 = 37 while 204 X 0.2 = 41
37 - 41 = -4
Toronto, remember, sends 11 billion dollars more to the government than it gets back.
-4 + 11 = 7
Therefore. Toronto's suprlus this year, if Toronto were a country, would be 7 billion dollars.
Now, it has been stated 1% sales taxes bring in $400 million a year in Toronto. The HST is being introduced at 13%.
0.400 X 13 = 5.200
7.000 - 5.200 = 1.800
Last year, Toronto's new and hated taxes brough in 46 million dollars. Lets round up to 50.
1.800 - 0.050 = 1.750
1.750 billion - 1,750 million
The TTC (Toronto Transit) budget was 1,400, total. That includes about 400 in city subsidy, leaving 1,000 unfunded
1,000 - 1,750 = 750
750 million = 750,000,000
Toronto has 2,500,000 citizens
750,000,000 / 2,500,000 = 300
So, lets review.
If Toronto were it's own country, it would be in surplus this year (despite the recession, and the billions and billions in deficit we are in) and that surplus would be SO large, we could cancel the new hated taxes, end ALL sales taxes, and make the ENTIRE TTC free, as well as send a cheque for $300 to each person in Toronto.
I have sources for all the numbers I've presented if anyone needs them.