1/30/2011 4:16:28 PM

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).