Toronto City Council has approved a plan designed to boost Toronto's business competitiveness and attract new jobs by shifting some of the property tax burden away from business and creating a Mayor's Economic Competitive Advisory Committee dedicated to improving the business climate.
The recommendations include:
- Reducing the municipal property tax ratio for commercial and industrial properties(relative to the residential rate)
- Providing property tax rebates to eligible designated heritage properties;
- Streamlining the development and building approvals process.
City Council also requested Queen's Park reduce the provincial education tax paid by Toronto businesses. Summary reports are available at the weblink below.
Last revision on November 15, 2005