Article Number : 337 |
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| Date | 1/30/2011 4:16:28 PM |
| Written By | sam |
| View this article at: | http://www.punjabimedia.ca/News/NPViewArticle.asp?ArticleID=337 |
| Abstract | January 24, 2011 Budget Committee tables continuing tax relief programs in Toronto A report tabled today at Budget Committee recommended continuing with three programs to assist residents and... |
| Article | January 24, 2011 Budget Committee tables continuing tax relief programs in Toronto A report tabled today at Budget Committee recommended continuing with three programs to assist residents and businesses: the City’s Enhancing Toronto’s Business Climate strategy - lowering business tax rates; property tax assistance for low-income seniors and low-income disabled persons; and support to encourage the development of purpose-built rental properties. The ‘Enhancing Toronto’s Business Climate’ initiative will reduce the tax ratios for the multi-residential class and the business classes to 2.5-times the residential tax rate by 2020 (a 15 year plan), and provides for an accelerated reduction in tax rates for small businesses, with a target of 2.5-times the residential rate by 2015 (a 10 year plan, instead of the 15 years for the rest of commercial). |
