McGuinty Government's Tax Plan Will Attract Foreign Investors And Talent

July 6, 2010 3:00 PM

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.