ONTARIO–As part of his More for Millionaires plan, Tim Hudak wants to reduce corporate taxes in Ontario by 30%, at a cost of $3B each year. Hudak justifies giving more money to big business by saying that he wants Ontario to have the lowest corporate taxes in North America.
Except that Ontario already has the fourth lowest corporate tax rate on the continent, and it’s lower than every state and province that borders us (see backgrounder).
In fact, Forbes magazine has pointed to the changes Ontario Liberals have made, including moving to the HST as one of the key reasons that Canada is one of the best places in the world to invest. In addition, according to fDi magazine, Ontario is ranked first in North America for foreign direct investment per person.
Since 2009, Ontario Liberals have cut the tax rate on new business investment by half – from 33.2% to 16.6% – with every change being opposed by Tim Hudak and the Ontario PC’s.
Instead of focusing on improving productivity through infrastructure investments and partnering with business, Tim Hudak wants to give more to millionaires who don’t need it.
-Liberal Press Release