Vic Fedeli said: “You know our our taxes have gone up 20% in 5 years” and “our business corporate, our taxes have gone up 20% in 5 years”
Fact: In 2011 the corporate income taxes rate was 11.5%, this year it is 11.5%. In 2011, Ontario’s portion of the HST was 8%, this year it is 8%. What the PC finance critic doesn’t seem to understand is that tax revenue going up by 20% doesn’t mean that taxes have been raised by 20%. It just means that the economy is growing, there is more economic activity and people and business are seeing their incomes go up. Ontario’s population rose 4.6% from 2011 to 2016, which also increased tax revenue.
We actually can’t believe we have to correct this.
Vic Fedeli said: You’ve made Ontario the most expensive jurisdiction in which to do business
Fact: In Mercer’s 2016 Cost of Living survey and in KPMG’s 2016 business cost rankings they found that major Canadian Cities including many in Ontario were much more affordable places to live and do business than most major American cities. (Source: https://www.mercer.ca/en/newsroom/2016-cost-of-living.html, https://www.competitivealternatives.com/cities/necc.aspx)
Ontario is leading the G7 in economic growth (Source: http://www.fin.gov.on.ca/en/economy/ecaccts/)
The most recent numbers show that Ontario led the country in Foreign Direct Investment and saw more FDI ($4,062) than California ($4,036), Ohio ($3,164), Michigan ($1,668) and Pennsylvania which didn’t even crack the top 20. (Source: FDI Intelligence)