Supporting Small Businesses During the Pandemic by Eliminating Unfair Interest Payments - by Councillor Kristyn Wong-Tam, seconded by Councillor Brad Bradford

Thousands of small business operators have drained their retirement accounts and personal savings while trying to keep their businesses afloat. Many more have gone into further debt keeping up with their fixed costs, such as rent, utilities and property taxes. Although the City of Toronto offered a property tax deferral to businesses passed by City Council by way of a special by-law in 2020 as a recognition of pandemic hardship, that program was not extended the following year despite the pandemic still being with us. Recently, it has come to my attention that in 2021 the City is also charging high interest rates for late payment of property taxes, even if the 2020 property taxes are now paid in full. Further to this, a specific business owner in Ward 13, the Oasis Aqualounge operating at 93 Carlton Street, who dutifully paid the 2020 deferred property taxes in full had her tax bill sent to a collections agency in order for the City of Toronto to collect approximately $4500 in interest payments. She has rightfully raised this issue and it is protesting the high-interest payments charged on the approved deferral that the City gave her and other struggling businesses. The City of Toronto should be supporting small businesses during the pandemic with a common sense approach without adding avoidable hardship and stress. This Motion strives to do this in a thoughtful and deliberate manner.