It's going to be a busy day in Toronto as budget committee meets at city hall and Mayor John Tory makes an announcment on traffic congestion. Here is a rundown of everything you need to know:

Weather:

An extreme cold weather alert remains in effect as bitter cold continues to plague the city. A high of -6 is expected today with morning flurries giving way to cloudy skies later this afternoon. There will be northeast winds of 20 kilometres an hour gusting up to 40 kilometres an hour.

News:

An elderly couple were taken to hospital with minor smoke inhalation after a two-alarm fire at an Etobicoke home early Monday morning. The blaze broke out in the sunroom of a residence on North Heights Road near Kipling Avenue and Appledale Road at around 4 a.m. The damage from the fire is estimated at around $150,000.

A man in his 60s was rushed to hospital with life-threatening injuries after he was assaulted inside a west-end apartment building. According to police some sort of physical altercation took place inside the building on Oakwood Avenue near St. Clair Avenue at around 1:30 a.m., resulting in the man’s injuries. A woman and a man were taken into custody in connection with the incident.

Police officers from across Canada, including a delegation from Toronto, will attend a regimental funeral service today in Alberta for RCMP Const. David Wynn. Wynn was fatally shot in a casino in St. Albert earlier this month while attemopting to aprehend a suspect in a stolen vehicle investigation.

Sports:

Milos Raonic is off to the quarterfinals of the Australian Open after a five-set victory over Spain's Feliciano Lopez Monday. The Thornhill native now joins Robert Powell as the only other Canadian to advance to three Grand Slam quarterfinals.

The Toronto Raptors beat the Detroit Pistons 114-110 on Sunday night, getting their first back-to-back victory in 2015. DeMar DeRozan had 25 points and six rebounds for the victors.

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