Ontario’s Tax Plan – H.S.T.
McGuinty Government Gives Businesses More Reasons To Invest In Ontario
Ontario’s tax plan will create more jobs for Ontario families and make the province one of the most tax-competitive jurisdictions in the industrialized world for new business investment.This message was delivered today at the Ontario Investment and Trade Centre (OITC). Twenty five hundred people work in this building. Ontario’s tax plan will help create almost 600,000 new jobs in the next decade, according to tax expert and economist Jack Mintz. That’s enough jobs to fill over 200 more office towers like the OITC.
As a result of the HST and business tax cuts, the tax rate on business investments in Ontario will be cut in half, making Ontario one of the most competitive jurisdictions in the world. This tax package is a key component of the five-year Open Ontario plan to strengthen the economy and create more jobs for Ontario families.
QUICK FACTS
- TELUS and other companies have said that Ontario’s tax changes could allow for greater investments in research, and development, and more skills training for workers.
- As a result of Ontario’s tax plan 93 per cent of income tax payers got an income tax cut on January 1, 2010.
- The Ontario Sales Tax Transition Benefit payments will provide up to $1,000 to most families (including single parents), or up to $300 for most single people.
- The new permanent Ontario Sales Tax Credit will provide low- to middle-income people up to $260 per person a year.
- A C. D. Howe Institute study found that annual investment in machinery and equipment rose by more than 12 per cent in the years following the 1997 sales-tax reform in the harmonizing Atlantic Provinces.
