The City of Toronto's new taxing powers could mean an additional $400 million in revenue annually, if proposals such as taxes for liquor, tobacco and entertainment are implemented.

A staff discussion paper released Friday lists eight proposed taxes, but residents would not see go into effect until next year, at the earliest.

Joe Pennachetti, deputy city manager and chief financial officer, unveiled the potential taxation options, which are:

  • Alcohol (stores and licensee -- restaurants and bars);
  • Tobacco (cigarettes);
  • Entertainment (movies, sporting events and live entertainment);
  • Motor vehicle ownership;
  • A parking tax;
  • A land transfer tax;
  • Road pricing; and
  • A billboard tax.

Based on the figures, the Toronto Star reports a 10 per cent tax on alcohol would raise $121 million a year; a 10 per cent tobacco tax would raise $43 million; and a 10 per cent tax a ticket for movies, theatre and sporting events would raise $29 million. A suggested billboard tax could produce $2.6 million each year.

Tolls on the Don Valley Parkway and the Gardiner Expressway are also proposed.

Click here for a look at the wide-ranging report.

The taxes are not being recommended at this time and will not being included in this year's budget.

Toronto's budget chief, Shelley Carroll, says the cash-strapped city needs new sources of revenue to improve services. She believes residents won't mind new taxes if they are seen as an investment in the city.

"So if go to my community and say we are going to implement this parking fee or this land transfer tax, I want to be also able to say, at that same instant, and this is where it will go," she said.

"If the road backlog is what you are concerned about, well that is the policy piece attached to this tax, that's where I'm going to invest it."

The additional revenue options put Pennachetti in a good mood as he spoke with reporters.

"When I talk new taxes I always smile, I'm the treasurer," he said.

But Councillor Denzil Minnan-Wong wasn't so enthused.

"I'm going to be talking to community groups, people in my community, and telling them that you've got to stand up and be counted, or the City of Toronto is going to tax their pants off," he said.

The city's executive committee will discuss the new options on Monday.

Public consultation is scheduled for late spring.

With a report from CTV's Austin Delaney