Monte McNaughton said: “The cost of doing business in Ontario is already higher than the U.S.”
Fact: Companies in the U.S. pay higher corporate taxes than Ontario companies. For example, Ontario’s combined federal and provincial corporate tax rates are lower than neighbouring U.S jurisdictions Michigan, New York and Pennsylvania.
(Source: Ministry of Finance, Corporate and Commodity Taxation Branch – Tax Policy Division)
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.
Fact: Thanks to our competitive business climate the most recent numbers show that Ontario saw more Foreign Direct Investment ($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)
Monte McNaughton said: That cap and trade will have “an increased burden…on job creators and families”
Fact: MPP McNaughton’s Leader Patrick Brown favours a carbon tax that will be four times more expensive for businesses and families and won’t guarantee any GHG reductions.
Monte McNaughton said: “Your policies are failing our workers”
Fact: Monte McNaughton thought firing 100,000 workers was “bold” and “great”.
Fact: 274,000 new jobs have been created in Ontario since Premier Wynne took office.
Monte McNaughton said: That due to Trump’s policies “…we have already begun to see the results of this as Ford, Toyota and Fiat Chrysler have each recently announced significant new investment and expansion in the US”
Fact: Ontario’s approach to encourage auto investment is working: This Monday Honda announced a $492 Million investment in their Alliston facility.
Fact: In additon to the Honda investment, over the past couple months Ontario has attracted $1.5 billion in new investment in the auto sector including investments at Chrysler and Ford’s facilities in Windsor and GM’s facilities in Woodstock and St. Catharines.
Monte McNaughton said: “U.S. President-Elect Trump is poised to implement a game-changing pro-growth agenda while Ontario is heading in the exact opposite direction”
Fact: In their recent forecast RBC predicts that Ontario will lead the country in economic growth. In the report they say “we believe that Ontario will be in the pole position among provinces in 2017 with a growth rate of 2.3%”. RBC also predicts that our increased infrastructure investments “would add meaningfully to provincial growth”.
Fact: According to Statistics Canada, Canadians are flocking to Ontario at the fastest rate in 29 years and according to Robert Kavcic, a senior economist at the Bank of Montreal it’s because of job creation.