TTC fare increases go into effect on January 1, 2014.

A Toronto Transit Commision fare hike approved last month will go into effect on New Year's Day.

The price for a token will go up by five cents to $2.65 while the cost of a Metropass will increase $5.25, bringing the cost to $133.75.  The cost of a student or senior ticket will soon cost $1.85, but the cash fare for using transit will remain at $3.00.

TTC spokesman Brad Ross said the transit service expected to see an increase of about 14 million rides in 2014 over this past year.

"Whenever there's an increase in ridership our costs go up because we need to put the service on the street to meet that ridership demand," said Ross.

In November the TTC celebrated what's believed to be its 29-billionth rider.