Toronto Board of Trade

Toronto Board of Trade

July 17, 2007 15:25 ET

City Council Vote Creates A Second Chance

Toronto Board of Trade says deferral of taxes opens door to alternatives

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(Marketwire - July 17, 2007) - The Toronto Board of Trade today welcomed City Council's decision to defer proposed new taxes, saying the decision gives City Hall time to look at alternative solutions to the City's financial problems.

"This is good news because the proposed taxes would have hurt Toronto businesses and damaged Toronto's economy and competitiveness," says Board of Trade President & CEO Carol Wilding, "However, it is not a victory; a victory will come when we find a real, sustainable solution to Toronto's financial problems."

Wilding says the Board of Trade is ready to work with the City in implementing credible alternatives for dealing with Toronto's financial problems, including:

· Provincial uploading of social services and housing costs, which would save Toronto hundreds of millions of dollars a year
· Using alternative methods of financing and service delivery to reduce City costs (just 4% cost savings would replace the potential tax revenues)
· Increased aid in meeting public transit costs, including a return to fair funding from the province and a national transit strategy from the federal government
· Making better use of user fees to recover the full cost of City services

"City Hall still has to take its share of responsibility for solving Toronto's financial crisis," notes Wilding, "In fact, it's more important than ever for Toronto to be able to demonstrate improved cost control if it wants to make a strong case to Queen's Park."

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, Canada's largest chamber of commerce operates at locations across Toronto. Further information about Board events, policies, advocacy and products is available on its website at www.bot.com.
/For further information: www.bot.com/media/ IN: ECONOMY, FINANCE, POLITICS

Contact Information

  • Glen Stone, Public Affairs Manager, Toronto Board of Trade
    Primary Phone: 416-862-4565
    Secondary Phone: 416-998-9458
    E-mail: gstone@bot.com