Typically, the local municipality controls tree cutting and creates bylaws for removal and retention. One thing to note is that your front yard may not extend a close to the road as you think and the tree may actually belong to the City. If there is a sidewalk in front of the house, the road (city property) may extend anywhere from .1 m to over 2 m behind the sidewalk. If there is no sidewalk, the city property may extend even further than that behind the curb or edge of the asphalt. You should check your survey to make sure.
I say this on the chance that you (or any else for that matter) decides to cut the tree down only to find out that the tree wasn`t theirs to begin with. I have dealt with the City in cases of mistaken removal of trees and there has been talk of compensation for the removed tree. There are standard and accepted calculations available that can value a tree at many tens of thousands of dollars, depending on its rarity, species and health. The Municipal bylaws may have enough teeth to require that value as compensation for a removed tree.
Good luck; the City arborist or environmental planner should be able to give you direction.
Steve