News

TransLink looks to increase Parking Rights Tax

By ReNew Canada 08:51AM October 24, 2018

193


0


Read Later

Proposed changes to the Parking Rights Tax will help TransLink fund major transit and transportation improvements to keep people and goods moving quickly, safely and affordably in Metro Vancouver.

Changes to the Parking Rights Tax are part of TransLink’s Phase 2 Investment Plan and will help the region fund its share of the next phase of the Mayors’ Council’s 10-Year Vision. These transit improvements will help support the growth of Metro Vancouver, a region that is expecting over one million more residents in the next 25 years.

TransLink forecasts approximately $10 million a year in new revenue from a minor increase to the Parking Rights Tax. These revenues will fund projects and improvements that include increased bus and HandyDART services, better and more SkyTrain service, new rapid transit lines, better roads, bridges, and other infrastructure for residents, transit users, drivers and businesses.

The Province is proposing legislative changes that will allow TransLink to increase the Parking Rights Tax — a sales tax paid by people buying off-street parking in Metro Vancouver — from the current 21 per cent to a maximum of 24 per cent. If TransLink increases the parking rights tax to 24 per cent, customers would pay an additional 15 cents on $5 of parking.

In June 2018, the Mayors’ Council approved a $7.3-billion investment plan for Phase 2 improvements and projects over 10 years.

The Province is committed to funding 40 per cent of the capital costs of the Mayors’ Council’s 10-Year Vision for improving transit and transportation infrastructure in Metro Vancouver.

Suggested News Articles

Atlantic Canada, NewsNov. 13, 2018
Read Later

New Brunswick welcomes new cabinet

Blaine Higgs, the 34th Premier of New Brunswick, has named his new Executive Council. Here are the key appointments impacting infrastructure development in the province: Bill Oliver has been named…
News, Western CanadaNov. 01, 2018
Read Later

Alberta invests in Edmonton light rail expansion

The Government of Alberta has announced a $1 billion investment for the Valley Line West LRT in Edmonton. The route expansion will move 60,000 Edmontonians between downtown and Lewis Estates…
News, Western CanadaNov. 01, 2018
Read Later

Contract awarded for Second Narrows Water Supply Tunnel

Metro Vancouver (Greater Vancouver Water District) has awarded a $267 million contract for the Second Narrows Water Supply Tunnel project in British Columbia to a joint venture between Aecon (40…

Comments

0