About the Trust
The Move Ontario Trust was announced March 23, 2006 as part of the 2006 Ontario Budget. The Trust formally came into being through a Trust Declaration, on March 24, 2006. The Declaration sets out that the sole purpose of the Trust is to fund distributions in respect of capital investments in a new heavy rail inter-regional public transit infrastructure expansion project. Ontario provided $670 million to the Trust in March 2006.
In summer 2006, York Region and the City of Toronto agreed that they would contribute 1/3 of the cost of building a Spadina subway extension. In September 2006 the Toronto-York Spadina Subway Extension (TYSSE) project was selected by the Trustees and the assets of the Trust were allocated 59.96% to Toronto and 40.04% to York Region.
In April 2007, Canada announced it would contribute $697 million to the TYSSE. Of the federal contribution, $75 million was added by Ontario to the assets of the Trust. The remaining $622 million of federal funding will come through the Building Canada Fund. In December 2007, Ontario provided an additional $200 million to the Trust, which allowed for full funding of the project.
As the sole purpose of the Trust is to fund the TYSSE, its funds may not be spent on any other project or activity. The Trust has a life span of 10 years and will dissolve on March 24, 2016, unless its funds have been fully used by the TYSSE before then.