Street racers and impaired drivers now face stiffer fines and automatic suspensions of their driver's licences.

On Tuesday afternoon, the Ontario government passed Bill 203, which was introduced this April by Transportation Minister Donna Cansfield in hopes of cracking down on dangerous driving.

Under the new law, minimum fines for street racers will rise to $2,000 from the previous minimum of $200, with the maximum increasing from $1,000 to $10,000 — a penalty Cansfield says is the highest in Canada for street racing.

Cars owned by the street racers can also be seized for up to a week.

"This isn't American Graffiti. This is serious and people are dying," said Ontario Attorney General Michael Bryant about the tougher penalties.

The bill was passed hours after the sentencing of two men in the death of a Toronto taxi driver that made headlines last year when the duo was accused of street racing.

Both 20-year-old men were handed conditional sentences of two years less a day after pleading guilty to dangerous driving causing death. One of their cars slammed into the cab in a high-speed collision, but their lawyer argued they were just speeding.