The big cost of The Big Move

(Video updated) Taxpayers in the Greater Toronto and Hamilton Area could see a 12.5 percent increase in the HST to pay for new transit projects.

The Metrolinx board of directors is recommending a combination of tax hikes and parking levies to pay for future transit projects in the GTHA, and it may cost the average household an extra $477 a year in taxes to make this happen.

The agency is looking for:

• an increase in the HST; this would raise $1.3 billion a year;
• a five cent per litre gas tax in the GTHA to raise $330 million a year;
• a parking levy to make businesses like malls pay for each parking spot they provide; this is expected to bring in $350 million a year;
• High Occupancy Toll lanes were in the transit agency’s report as well, seen raising up to $250 million annually.

Premier Kathleen Wynne is expected to support these tax increases for transit expansion. But the Liberal minority government isn’t expected to pitch the tax hikes until next year, and they’ll need support from the opposition parties to make it work.