Toronto Board of Trade

Toronto Board of Trade

March 16, 2007 15:58 ET

New Taxes In Toronto "Premature"

Board of Trade says city businesses are already highly taxed

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(CCNMatthews - March 16, 2007) - The Toronto Board of Trade today said it was premature for City Hall to consider new or increased taxes to solve Toronto's financial problems.

"All three levels of government should first live up to their responsibilities to Toronto," said Board President & CEO Carol Wilding. "The city needs to control its spending, the provincial government needs to stop unfairly downloading costs on Toronto, and the federal government needs to provide ongoing funding for priorities such as transit."

"Only after all of that," Wilding says, "will we know if new taxes are truly justifiable. Toronto should have the power to bring them in if necessary, but taxation should be the last step, not the first."

If they cannot be avoided, the Board President says any new or increased taxes should be subject to extensive consultation and study to ensure they are fair, practical and transparent, and don't contribute to further business or job losses.

"Toronto is already a highly taxed city, a key reason that we've lost 100,000 jobs in the past 15 years. We don't need any more tax pressure to push employers out of our city."

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 www.bot.com. Further commentary from Board executives is available on the Board Blog at www.bot.com/blog.
/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