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The Toronto Parking Authority exists to provide safe, attractive, self-sustaining, conveniently located and competitively priced off-street and on-street public parking as an integral component of Toronto's transportation system. The Toronto Parking Authority is a self-sustaining public corporation owned by the City of Toronto. It contributes significant revenues to the City's general reserves while successfully meeting its mandate to provide safe, attractive, conveniently located and competitively prices off and on-street public parking, which is required by commercial strips and neighbouring residential areas to survive. Recognized as a world leader in parking technology services the Parking Authority has been successful in ensuring that businesses in these areas continue to grow and the neighbourhoods remain vibrant.

On June 24, 1952 the Council of the City of Toronto passed By-law 18680 establishing the Parking Authority of Toronto.