Starting July 1, 2014, on a sale or transfer of a Standard Taxicab License (STL):
The transferee/purchaser will be issued a Toronto Taxicab License (TTL) and all STLs must be converted to a TTL by January 1, 2024
A TTL owner may only hold one TTL, and may not hold any other taxicab owners license.
A TTL owner must own, insure and maintain his or her licensed taxicab which must be a wheelchair accessible vehicle
A TTL owner must drive his or her taxicab for a minimum of 132 hours within one calendar month i.e. 11,12 hour shifts in a month
A TTL owner may rent his or her taxicab, on a shift basis only, to a maximum of three licensed drivers who have passed the city of Toronto approved course.
A TTL a owner may sell his her taxicab and its equipment after meeting the minimum driving requirement for two consecutive years and the City of Toronto shall reissue the TTL in the name of the purchaser.
To understand the effect this has had on the value of your plate, on March 27, 2014, a sale was filed with Licensing Services at $70,000. If the sale is approved before July 1, 2014 the purchaser will be entitled to be issued a STL. Just think what will happen after July 1, 2014!!