Ontario's Tax Plan Strengthening Cornwall Economy
McGuinty Government Continues To Support Rural Development
Ontario is making it easier to do business in rural communities like Cornwall thanks to a tax plan that will attract investment and increase economic competitiveness.
Starting July 1, 2010, Cornwall businesses will deal with one sales tax instead of two, one set of rules instead of two and one level of government instead of two. It is estimated that businesses across Ontario will save more than $500 million a year in administrative and compliance costs.
These changes and significant savings will enhance Cornwall's "Progress Boulevard", a three-year historic downtown revitalization strategy developed to help retain and expand Cornwall's businesses and strengthen the community. More businesses will be able to prosper and new stores are expected to open -- creating new jobs and bringing more people to the downtown area.
The tax package is a key component of the five-year Open Ontario plan to strengthen the economy and create more jobs for Ontario's families.
- Experts say Ontario's tax plan, which includes tax breaks for people and large and small businesses, will lead to increased investment and almost 600,000 new jobs.
- A single tax system will put Ontario on a level playing field with four other provinces and 140 other countries that already have a value added tax like the HST.
- Ontario funded the City of Cornwall for their downtown revitalization strategy through the Rural Economic Development Program.
“Our new tax plan is helping cities like Cornwall revitalize their downtown cores and strengthen rural communities. When the HST begins on July 1st, it will help our rural communities retain and create jobs, make businesses more competitive and boosting local economies.”
“To those of us who have been working towards Revitalization of Downtown Cornwall, the Progress Boulevard (Mainstreet) funding is very well timed and greatly appreciated. Cornwall is one of six Ontario communities that can bring their community stakeholders together to share their vision on community development and advise the organizational structure to implement that vision. Building on the success of Heart of the City as a revitalization initiative, we look forward to continuing Cornwall's success story.”
“I know there is a lot of misinformation out there regarding the HST, such as the opposition neglecting to mention personal income, new property, energy and sales tax credits, and I truly believe our residents will have more money in their pockets because of these and by simplifying the sales tax. Also, rural small businesses will be more competitive because of corporate tax breaks and the elimination of the small business deduction surtax.”
MPP Jim Brownell