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Cut taxes for Ontario businesses, Board of Trade urges

One of the Greater Toronto Area’s most influential business groups is urging Ontario’s political parties to cut taxes to help companies be more competitive.

In a new pre-election report to be released Monday, the Toronto Region Board of Trade says that “while Ontario consistently ranks as one of the best places to live, we don’t rank as highly in the cost of doing business.”

“Businesses benefit from Ontario’s diverse and educated workforce, but face barriers due to housing affordability, rising electricity prices and poor (research and development) investment,” says the eight-page study.

“The recent government decision to sharply increase the minimum wage over a very short time and raise payroll taxes only increases the pressure to keep costs down, particularly for small businesses.”

Jan De Silva, the board’s president and CEO, said Ontario is “falling behind in key areas where the government makes, or influences, policy, notably labour costs, housing affordability and energy prices.”

With Ontario voters headed to the polls on June 7, De Silva said whatever party forms the next government should harmonize and cut provincial property taxes on businesses.

That would eliminate the different rates paid in municipalities across the province as well as “free up more funds for employment and investment” and help businesses better compete against U.S. states that are lowering corporate taxes, the report said.

Ontario Chamber of Commerce president and CEO Rocco Rossi said his organization is “advocating that the next provincial government reduce the overall tax burden on business.”

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