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Toronto Mayor Olivia Chow arrives on the West Block of Parliament Hill in Ottawa on Sept. 27, 2023. Picture by The Canadian Press
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Memo to Toronto Metropolis Corridor: You’ll be able to’t have it each methods.
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You’ll be able to’t have your cake and eat it, too.
Toronto is quickly to expertise the phenomenon that’s Taylor Swift, bringing actually a number of hundred thousand followers collectively for six reveals over 10 days.
Cash, cash, cash and town says it would get none of it.
Mayor Olivia Chow posted, “If Taylor Swift comes — the HST alone is high. We don’t get a penny of it. It’s great for the economy, but in terms of revenue, we actually end up paying out instead of getting any of that benefit. If I could get one cent of what Taylor Swift is generating in Toronto, oh my God, I would have done it yesterday.”
Maybe she meant 1%.
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What concerning the resort tax? Doesn’t that 6% imply something?
Possibly. Possibly not.
The GTA has 44,180 rooms with 16,788 within the downtown space. All are more likely to be booked at capability and a variety of them at elevated charges. Traditionally, Toronto’s lodges would possibly count on to be 75% crammed in November.
So town collects 100% of the resort tax on the extra 25% of rooms booked as a result of Swift and tax on the elevated room charges on the remainder of them.
Rooms are reportedly going for as much as 10 occasions the common fee. As a “back of the envelope” calculation, even at $400 a room for downtown solely — a lot lower than reported — over 10 days, that’s over $4 million in tax.
That may be a tax profit, I argued on X, whereas others informed me town doesn’t get that cash.
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Taylor Swift in live performance on the Air Canada Centre in Toronto on Friday Could 21 2010.Picture by Veronica Henri /Toronto Solar
Taylor Swift in live performance on the Air Canada Centre in Toronto on Friday, Could 21, 2010.Picture by Veronica Henri /Toronto Solar
Taylor Swift performing her Purple Tour at Toronto’s Rogers Centre on Friday, June 14, 2013.Picture by Veronica Henri /Toronto Solar
Singer Taylor Swift attends the “AUGUST: OSAGE COUNTY” TIFF Social gathering hosted by The Weinstein Firm and Leisure One offered by Bombardier at Soho Home Toronto throughout the 2013 Toronto Worldwide Movie Competition.Picture by Mike Windle /Getty Photos for Weinstein Co
Taylor Swift attends the “AUGUST: OSAGE COUNTY” TIFF Social gathering hosted by The Weinstein Firm and Leisure One offered by Bombardier at Soho Home Toronto throughout the 2013 Toronto Worldwide Movie Competition on September 9, 2013.Picture by Mike Windle /Getty Photos for Weinstein Co
Taylor Swift performing her Purple Tour on the Rogers Centre on Friday, June 14, 2013.Picture by Veronica Henri /Toronto Solar
Taylor Swift arrives on the annual A lot Music Video Awards in Toronto on June 16, 2013. Picture by MICHAEL PEAKE /Toronto Solar
Taylor Swift performs on the Rogers Centre on Oct. 2, 2015.Picture by Stan Behal /Toronto Solar
Taylor Swift performs on the Rogers Centre on Oct. 2, 2015. Picture by Stan Behal /Toronto Solar
Taylor Swift performs on the Rogers Centre on Oct. 2, 2015. Picture by Stan Behal /Toronto Solar
Taylor Swift performs on the Rogers Centre throughout her “1989 Tour” on Friday Oct. 2, 2015. Picture by Stan Behal /Toronto Solar
Taylor Swift performs on the Rogers Centre in Toronto on Friday Oct. 2, 2015. Picture by Stan Behal /Toronto Solar
Taylor Swift of ‘One Probability’ poses on the Guess Portrait Studio throughout 2013 Toronto Worldwide Movie Competition.Picture by Larry Busacca /Getty Photos
Taylor Swift arrives on the pink carpet on the 2013 MuchMusic Video Awards at Bell Media Headquarters on June 16, 2013 in Toronto.Picture by Jag Gundu /Getty Photos
Taylor Swift arrives on the 2013 MuchMusic Video Awards at MuchMusic HQ on June 16, 2013.Picture by George Pimentel /Getty Photos
Taylor Swift performs on the Rogers Centre on Oct. 2, 2015. Picture by Stan Behal /Toronto Solar
Taylor Swift performs on the Rogers Centre on Oct. 2, 2015.Picture by Stan Behal /Toronto Solar
Taylor Swift performs onstage throughout her status Stadium Tour on the Rogers Centre on Aug. 3, 2018. Picture by Veronica Henri /Toronto Solar
Taylor Swift performs on the Rogers Centre on Aug. 3, 2018.Picture by Veronica Henri /Toronto Solar
Taylor Swift performs on the Rogers Centre on Aug. 3, 2018. Picture by Veronica Henri /Toronto Solar
Taylor Swift performs on the Rogers Centre on Aug. 3, 2018.Picture by Veronica Henri /Toronto Solar
Taylor Swift attends ‘In Dialog With… Taylor Swift’ throughout the 2022 Toronto Worldwide Movie Competition.Picture by Amy Sussman /Getty Photos
Taylor Swift attends the 2022 Toronto Worldwide Movie Competition.Picture by VALERIE MACON /AFP through Getty Photos
Taylor Swift attends “In Dialog With… Taylor Swift” throughout the 2022 Toronto Worldwide Movie Competition.Picture by VALERIE MACON /AFP through Getty Photos
Taylor Swift seen throughout a Jan. 29, 2009, promo cease in Toronto on the Soho Metropolitan Resort.Picture by Dave Abel /Toronto Solar
Taylor Swift seen throughout a 2009 promo cease in Toronto on the Soho Metropolitan Resort.Picture by Dave Abel /Toronto Solar
Taylor Swift seen throughout a 2009 promo cease in Toronto on the Soho Metropolitan Resort.Picture by Dave Abel /Toronto Solar
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I’m informed technically it goes to Tourism Toronto, which is owned by the resort affiliation as an impartial vacation spot advertising company. That looks as if a metropolis profit, advertising town to vacationers, but when they need to declare it doesn’t go immediately into metropolis coffers, backing Chow’s poorhouse argument, OK.
Many will agree. However right here is why I say they will’t have it each methods.
If town has no strategy to gather off the financial engine that’s Swift, they must stay with the identical argument when the World Cup rolls its ball into city in 2026.
In each instances, the province and the federal authorities stand to rake in beaucoup bucks. The HST will likely be monumental in each instances.
Within the case of Swift, she didn’t demand a bribe. She didn’t make town rebuild the Rogers Centre.
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FIFA, the corrupt controlling entity within the soccer world, tuned us up for an admitted $380 million. That quantity may rise as a result of as you already know authorities likes to dribble the frustration out in drabs. The unique estimate was lower than $50 million.
Town went forward underneath the notion that the feds and the province would soar to their demand and it didn’t occur. The province got here in with $97 million and the feds with $104 million. That leaves Toronto admittedly brief about $180 million to date.
A determined extra resort tax devoted to the World Cup over 14 months — which makes non-soccer individuals pay for over a yr — is predicted to herald $57 million.
Oops. Nonetheless means brief. With a determined tax to cowl for failure.
As a result of, in any case, town will get nothing out of it.
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