RE: BUSINESS EDUCATION TAX

Unlocking capital for the creation of 18,000 jobs in Toronto and major Ontario municipalities by removing Business Education Tax inequities  

 

PRESENTED

BY:

Toronto Association of

Business Improvement Areas (TABIA)

John Kiru, Executive Director

Lionel Miskin, Vice President and Chair of Tax Committee

 

 

Toronto Financial District BIA

Grant Humes, Executive Director

RECOMMENDATIONS 

1) That the Ontario government set 2015 Business Education Tax (BET) rates to honour the commitment it made in 2007 — namely that from 2014 onward no rate will exceed a target ceiling rate (1.22 percent in 2014, but lower in 2015 to offset higher assessed value).

2) That the Ontario government continue implementing BET cuts in future years, moving toward a uniform province-wide BET rate as recommended by the government’s Business Education Tax Review Panel in 1997.

NOTE ON JOB CREATION: Implementing the ceiling rate immediately will delay balancing the budget by less than 4 weeks. Lower BET rates will lead to new investment and job creation — 18,000 new jobs can be expected.

January 30,2015

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