GTAA to alter rates, charges and improvement fee at YYZ
The Greater Toronto Airports Authority has announced significant changes to the aeronautical rates and the airport improvement fee at Toronto Pearson International Airport for 2023.
The Greater Toronto Airports Authority (GTAA) will increase the aeronautical rates and the airport improvement fee (AIF) on 1 January 2023. These increases are a result of the high inflationary environment and ongoing impacts from COVID-19. The adjustment to the AIF will put Toronto Pearson (YYZ) in line with the current rates charged by other airports across Canada.
Effective 1 January 2023, aeronautical rates for commercial aviation, business aircraft and general aviation aircraft will increase by four per cent. The AIF for departing passengers will increase by $5, whereas the fees charged for connecting passengers will increase by $1.
The impacts of the pandemic both on the global air travel industry and on YYZ have been significant, with the airport having added significant debt to its balance sheet to remain operational over the last two years.
The revenue generated will support the operation of YYZ, including:
- The installation of new inbound baggage carrousels, including the upgrade of 29,000m of baggage handling conveyor belts and a new robotic baggage storage and retrieval system in Terminal 3
- More cleaning and passenger service providers to respond to rising demand for air travel
- Renovations to airport amenities across both terminals, including a refresh of washrooms and customs clearance areas
- A major restoration of roofing in Terminal 3
- Refurbishing escalators and moving walkways while augmenting systems with advanced technologies, such as a pilot of autonomous vehicles
- Doubling the investment in the annual airport asset restoration programme
- Increasing staff for maintenance and administration activities.
“Airport operations have improved significantly since the summer, but Toronto Pearson is still feeling the impact of the COVID-19 pandemic. As a not-for-profit entity, it is incumbent upon us to ensure that we have sufficient revenues to maintain and invest in a world-class facility to provide our valued passengers with an experience that is appropriate for Canada’s largest airport,” said Deborah Flint, President and CEO, GTAA.
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires the GTAA to make assumptions and is subject to inherent risks and uncertainties. These statements reflect GTAA management’s current beliefs and are based on information currently available to GTAA management.