Toronto Board of Trade

Toronto Board of Trade

March 23, 2006 16:27 ET

DOLLARS FOR TRANSIT, HOPE FOR TORONTO

Board of Trade says Ontario budget takes us in the right direction Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO--(CCNMatthews - March 23, 2006) - The Toronto Board of Trade warmly welcomes the investments in public transit in today's provincial budget, saying the budget creates real hope for more support of Toronto in the future.

"Creating a regional transportation agency is exactly the right thing to do to help solve gridlock and meet future needs," says Board of Trade President & CEO Glen Grunwald, "Just as important is the signal sent by improved transit funding - that gives us hope that Toronto will see more provincial support for these and other needs down the road."

"No one can doubt that the province is showing its dedication to public transit in a very big way," said Grunwald, citing the increased flexibility for using gas tax money, enabling the use of innovative tax financing, support for new bus purchases and the extra $200 million dollars for public transit costs in Toronto this year.

"We hope that extra funding is the first step towards restoring a fair cost sharing relationship with Toronto, not only on transit but also for other programs such as social housing and welfare."

The Board of Trade was also pleased that the capital tax will be eliminated ahead of schedule, but disappointed that the unfair provincial property taxes on Toronto businesses (28% higher than in the 905 region) were not reduced.

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/media/ 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