Tax Plan Creates Jobs for Newcomers
McGuinty Government’s Tax Plan Will Attract Foreign Investors And Talent
Ontario’s tax plan will create more jobs for Ontario families, including newcomers, by making the province one of the most tax-competitive jurisdictions in the industrialized world.
The plan includes business tax cuts and a Harmonized Sales Tax (HST) which will result in the tax rate on business investments in Ontario being cut in half. That means, newcomer communities, who often face higher levels of unemployment and underemployment, will benefit because as Ontario businesses become more competitive they will be able to create new jobs and take advantage of the skills and expertise of the province’s newcomers. In addition, companies will be able to invest the savings they generate from the HST on new training programs to ensure that newcomers can put their skills to work.
The plan will also help make Ontario more attractive to foreign entrepreneurs who bring their considerable skills and expertise, as well as global businesses that bring their considerable investment dollars.
The new plan also includes permanent income tax cuts for families and new permanent sales tax credits.
This tax package is a key component of the five-year Open Ontario plan, which supports job creation and enhances the programs and services, including education, health care and skills training, that Ontarians value.
QUICK FACTS
- According to tax expert and economist Jack Mintz, Ontario’s tax plan will create 600,000 new jobs in the next decade.
- Every year, nearly half of all immigrants to Canada choose to settle in Ontario.
- A number of studies have indicated that within a decade immigration will account for virtually all of the province’s net labour force growth.
- 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 Ontarians up to $260 per person a year.- As a result of Ontario’s tax plan, 93 per cent of income taxpayers got an income tax cut on January 1, 2010.
