The TPA was established in 1998 with the merger of parking operations in the area of the former Metropolitan Toronto.

It is one of the largest operators of municipal parking services in North America and is 100% self-sustaining through parking user fees and other sources, returning 75% of its annual net operating income to the City of Toronto,[2][3] totaling $1.5 billion since 1992.

[4] The TPA also manages and operates parking facilities under contract for the Toronto Transit Commission, with around 13,000 spaces located at 17 TTC stations across the city, including at new stations on the Toronto York Spadina Subway Extension.

The TPA took over from Public Bike System Company (PBSC) in 2013, when they ran into financial difficulties.

[8] Since then, ridership has grown exponentially with the system now covering 200 square kilometres (80 square miles) of the Greater Toronto Area with 6,850 bikes at 625 stations and 12,000 docking points.