Toronto Board of Trade

Toronto Board of Trade

March 22, 2007 18:54 ET

One Big Step For Business, One Small Budget For Toronto

Ontario budget fixes major business tax problem - ignores gridlock, uploading

Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(CCNMatthews - March 22, 2007) - The Toronto Board of Trade says there was some very good news for Toronto's business community in today's Ontario budget, though the plan fails to meet the broader needs of the city at large.

"The plan to cut provincial business property taxes is excellent news for business in Toronto," says Board President & CEO Carol Wilding. "We've been saying for years that the unfair system, which punished business for locating in Toronto, had to be reformed. This budget tackles that problem head-on and will put more than $200 million back into the business community to re-invest in our economy."

Wilding says speeding up elimination of the capital tax by two years is also a positive step that builds on cuts in the federal budget. However, the good news stops there.

"There is nothing in this budget to address two of the biggest issues for Toronto - gridlock and unfair downloading. There is no money for the Greater Toronto Transportation Authority; the body set up by the province to tackle traffic congestion, Toronto's number one business and public issue.

"This budget also failed to upload the cost of provincial social services from the backs of Toronto's property taxpayers. We had expected Queen's Park to use some of the extra billion dollars it's getting from the federal government to help the city more."

Wilding predicts the lack of support for Toronto in both the federal and provincial budgets will put added pressure on the City as it introduces its operating budget next Monday. "It becomes more important than ever for Toronto to have a financial plan that does not depend on other levels of government," she concludes.

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