The TTC is planning to hike all non-cash fares by 10 cents starting March 1 in an effort to raise an additional $43 million for service improvements. Mayor John Tory made the announcement this morning at a North York school. As part of the proposed budget which will be voted on later this year, the TTC will make rides for kids under 12 free at a cost of $7.1 million.

Tory says the money raised by the fare hike will be used to restore the all day, everyday bus service that was cut in 2011, establish 10-minute or better bus and streetcar service on key routes, add two additional rush hour subway trains, and expand the Blue Night Network.

The money, which would be supplemented by a $38 million increase in the TTC's subsidy, would also be used to buy 50 new buses and rent a temporary storage facility for the vehicles. A press release issued by the TTC said the investments in 2015 would total $95 million.

As it stands, the TTC would raise the cost of a token by 10 cents to $2.80. The price of a Metropass will increase from $133.75 to $141.50 and a batch of seven tokens will be priced at $19.60, up from $18.90. Cash fares would remain $3.00.

During the election campaign Tory (and Doug Ford and Olivia Chow) campaigned on a fare freeze for 2015. "Given that there have been a number of fare increases in recent years and the high cost of living in the city in general, TTC riders need a break," Tory told the Toronto Sun in October.

Tory said reneging on his promise was "a difficult choice."

"It was not until the transition period after the election that I was fully able to comprehend and see put in front of me all of the facts as to the scope and the extent of the transit cutbacks imposed by the previous administration," he said.

"TTC users will pay a little more and get a lot more."

Chris Bateman is a staff writer at blogTO. Follow him on Twitter at @chrisbateman.

Image: jp1958/blogTO Flickr pool.