Toronto Board of Trade

Toronto Board of Trade

March 22, 2006 13:56 ET

BUDGET 2006: A Golden Opportunity

Board of Trade calls on province to seize the moment, tackle 5 big issues Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO, ONTARIO BUDGET--(CCNMatthews - March 22, 2006) - The Toronto Board of Trade is calling on the provincial government to take full advantage of its strong financial position and deal with five important business issues in its 2006 budget tomorrow.

"The provincial economy appears to be in stronger shape than expected," notes Board of Trade President & CEO Glen Grunwald, "This gives Premier McGuinty a golden opportunity to tackle five key issues that successive governments have been avoiding."

The Board of Trade says addressing these issues in the budget would make a major difference to the businesses and economies of Toronto and Ontario:

1. Upload Toronto's social program costs. Since the province requires the delivery of programs such as welfare, it is only fair that it pays for them.
2. Create and fund a Greater Toronto Transportation Agency. An empowered and properly funded GTTA is needed to unlock Toronto's gridlock and meet the future needs of our region.
3. Tax Toronto businesses fairly. Businesses in the city pay a 28% higher provincial property tax rate than their competitors in the 905 region next door.
4. Eliminate the capital tax immediately. Economists agree it's the smart thing to do and will help generate more business growth and jobs.
5. Harmonize the collection of corporate tax. Businesses should not have to complete separate paperwork for federal and provincial corporate taxes.

"We're hopeful the government will take action on these and other fronts to help ensure the prosperity of Toronto and our entire province," concludes Grunwald.

The Toronto Board of Trade is the champion of a competitive and vibrant Toronto with a mandate to serve, represent and unite the city's business community. Founded in 1845, the non-profit organization represents 10,000 members with 500,000 employees, and incorporates the North York and Scarborough Chambers of Commerce. Information about Board events, policies, advocacy and products is available at www.bot.com.
/For further information: www.bot.com/ IN: ECONOMY, FINANCE, POLITICS

Contact Information

  • Glen Stone, Public Affairs Manager, Toronto Board of Trade
    Primary Phone: 416-862-4565
    E-mail: gstone@bot.com