City corporations are wholly-owned by the City of Toronto (sole shareholder). They are established by City Council under the Business Corporations Act under the authority of the City of Toronto Act, 2006 or other legislation.
City corporations own assets and manage assets for the City, operate independently from the City administration and approve their own budgets and positions. City corporations are required to submit annual audited financial statements and reports to City Council but Council does not approve their budgets.
Each corporation has a Board of Directors which supervises the management of the corporation’s business and affairs. The board membership includes public members and Council members appointed by City Council and may include City staff.
Accountability is established through a Council-approved Shareholder Direction and Shareholder Declarations which set out objectives, operating rules, and policy, reporting and other requirements for the corporation and its board.
| City Corporation | Description |
|---|---|
| Build Toronto | Develops properties owned by the City of Toronto and its agencies or corporations for municipal purposes, or to realize value, stimulate employment, and regenerate neighbourhoods. Supports CreateTO, as part of the city-wide real estate model. |
| Casa Loma | Provides oversight of the lease agreement to operate and maintain Casa Loma as a heritage attraction and hospitality venue. |
| Lakeshore Arena | Manages, operates, and maintains the leasehold interest in the Lakeshore Arena facility, previously held by Lakeshore Lions Club. |
| Toronto Community Housing | City-owned social housing provider that owns and manages approximately 60,000 rental housing units in more than 2,100 buildings across the city. Provides affordable homes to low and moderate-income households including seniors, families, singles, refugees, recent immigrants to Canada and people with special needs. |
| Toronto Hydro | Distributes electricity in Toronto, supports energy conservation and demand management activities and provides street lighting services. |
| Toronto Port Lands Company | Manages real estate assets and promotes employment revitalization in Toronto’s Port Lands. Supports CreateTO, as part of the city-wide real estate model. |
| Toronto Seniors Housing Corporation | Provides subsidized rental housing in a state of good repair for approximately 14,000 low and moderate-income senior households in 83 senior-designated buildings, and support ageing in place through the delivery of an integrated service model. |
Partnered corporations are corporations whose governance, ownership and funding are shared between the City and other levels of government or organizations. The Board of Directors for these corporations include members appointed by City Council and the other stakeholders.
| Partnered Corporation | Description |
|---|---|
| Toronto Pan Am Sports Centre Inc. | Operates the Toronto Pan Am Sports Centre on behalf of the City and the Governing Council of the University of Toronto. |
| Waterfront Toronto | Established by the Governments of Canada, Ontario and the City of Toronto to revitalize Toronto’s waterfront. |