Toronto Board of Trade

Toronto Board of Trade

March 26, 2009 16:43 ET

2009 Ontario Budget Enhances Toronto's Business Competitiveness

Measures represent key wins for business, Board of Trade and the Toronto region

Attention: City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO, NEWS RELEASE--(Marketwire - March 26, 2009) - The Toronto Board of Trade today called the 2009 Ontario budget one that fights the recession by taking aim at recovery, and that recognizes Toronto's business community as the driver of Ontario's economy.

"This budget's two pillars - infrastructure investment and robust tax reform - represent a bold step forward for Ontario," said Board of Trade President & CEO Carol Wilding. "This budget will make a difference for businesses struggling to keep jobs now, and it will help attract new investment in the future."

The Board of Trade welcomed the announcement of more than $9 billion in new transit and transportation spending, which were its top priority for this budget. "Toronto needs new transit infrastructure, and while the details are still to come, these funds will continue to make up for decades of under-investment.

In its budget submission, the Board of Trade also called for tax reforms including reductions in the corporate tax rate and corporate minimum tax, as well as sales-tax harmonization - all of which were included in today's budget. "These measures, combined with the budget's personal tax relief, will be a boon to business without becoming a burden to families," Ms. Wilding said.

The budget also aims to attract investment to the Toronto region, through measures to spur research and innovation and to promote Toronto as a global financial centre. "The government is playing to Toronto's strength to leverage future jobs and investment," Ms. Wilding said. "And like the government, the Board of Trade believes that Toronto is the best possible location for the headquarters of a common securities regulator for Canada."

About the Toronto Board of Trade (www.bot.com)
Founded in 1845, the Toronto Board of Trade is Canada's largest local chamber of commerce, connecting more than 200,000 business professionals and influencers throughout the Toronto region. The Board of Trade advances the success of its members and the entire Toronto region by facilitating opportunities for knowledge sharing, networking, business development and city building.

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For more information contact:
Philip Preville
Director of Public Affairs
Toronto Board of Trade
Office: 416-862-4514
Cell: 416-318-6906
ppreville@bot.com

IN: ECONOMY, POLITICS

Contact Information

  • Philip Preville, Director of Public Affairs, Toronto Board of Trade
    Primary Phone: 416-862-4514