Toronto Board of Trade

Toronto Board of Trade

March 19, 2007 18:45 ET

Federal Budget: Hits and Misses for Toronto Business

Toronto Board of Trade sees mix of good news and disappointments

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(CCNMatthews - March 19, 2007) - The Toronto Board of Trade says today's federal budget contains some good news for the city's business community but fails to meet the key transit challenge.

"The good news is the budget reduces some business taxes, invests more in education and transfers more money to Ontario," says Board President & CEO Carol Wilding. "The bad news is that there is no national transit strategy or funding to address the number one concern of business in Toronto - congestion and gridlock. One-time announcements like the recent subway funding are no replacement for ongoing investments."

Wilding says improvements in transfer funding will mean more money for the Ontario government, which could be good news for Toronto. "We hope the province will use this opportunity to improve Toronto's competitiveness by uploading social services costs off the city's property taxpayers. Right now, it's only a potential win for Toronto businesses and residents. We'll have to wait for the provincial budget on Thursday."

From the business perspective, Wilding says the budget offers welcome changes to the capital cost allowance for some business sectors, but fails to help others. The budget also missed an opportunity to make Canada more competitive by not addressing general corporate income tax rates.

"The government's investment in education and skills development is very important," notes the Board President. "It will help us create the skilled workforce our economy needs for future prosperity."

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 five locations across Toronto. Further information about Board events, policies, advocacy and products is available on its website at Further commentary from Board executives is available on the Board Blog at
/For further information: 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