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Toronto, February 2, 2018 - The Canadian Federation of Independent Business (CFIB) is available to comment on the City of Toronto’s welcome decision to cap property tax increases for small businesses at 10 per cent while working on a permanent solution, which will most likely involve the province.
“We thank Mayor John Tory and City Council for taking action to address much-needed property tax relief for small businesses in the City, especially in the downtown core along Yonge Street,” said Julie Kwiecinski, CFIB’s director of provincial affairs for Ontario. “Councillor Kristyn Wong-Tam deserves special recognition for her persistence and leadership on this important issue.”
Ontario’s current property assessment policy resulted in some small businesses in Toronto’s downtown core facing property tax hikes as high as over 100 per cent.
“Small businesses were already being forced to absorb much greater costs to do business and keep the doors open, such as higher labour and EI costs, and higher incoming CPP costs,” added Kwiecinski. “With municipal elections on the horizon, we urge the Ontario government to work with the City to find a permanent solution for Toronto that will also help all other municipalities struggling with the same issue.”
To arrange an interview, please contact Kiara Morrissey at 416-222-8022, or [email protected].