As the trade deadline approaches, HoopsWorld.com looks at the financial situation of teams across the NBA, including Toronto:

Toronto Raptors
2011-12 Cap Figure: $53.7 million
2012-13 Cap Figure: $41.9 million
Traded Player Exceptions: None
Six tax payers and ten teams under the cap, leaving fourteen in the middle group. That under the cap group is unexpectedly large; most season you may see two or three at this point in the season and almost never do you see teams in the range of Cleveland and Toronto. Sacramento and Indiana are in uncharted territory.

As it sits now 19 teams are set to be under the cap for 2012-13 before the NBA Draft in June. Ten of those teams will have shed over $15 million in expiring contracts to get there. In contrast, only three teams – Miami, Chicago and the L.A. Lakers – currently sit over the tax level for next year.

What does all of that mean? It means free agency 2012 this July could be one of the craziest yet, even more so than the Summer of LeBron in 2010.
Source: HoopsWorld.com

Toronto's figure does not include JV or 2012 pick - nor does any other team.