Toronto is competitive, provides excellent value and large profit potential. Business costs are much lower than most U.S. centres and key competitors. The biggest savings are on skilled labour and industries doing R&D.
In March, KPMG’s 2012 Competitive Alternatives study found that Toronto offers one of the world’s most cost-effective business and investment climates for cities with a metropolitan population of at least two million people. Toronto ranked second among 44 cities in this category, up from sixth place in 2010. KPMG’s annual study compares business cost and other competitiveness factors in more than 110 cities in 14 countries. For more information about this study, visit Competitive Alternatives 2016.
Information on Select Business Costs
- Wages & Salaries
Information on wages and salaries paid in various occupations in the Toronto region can be found by visiting Working in Canada.
- Minimum Wage
Minimum wage is the lowest wage rate an employer can pay an employee. Most employees are eligible for minimum wage, whether they are full-time, part-time, casual employees, or are paid an hourly rate, commission, piece rate, flat rate or salary. The Ontario minimum wage rate will rise to $11 per hour in June 2014, the highest provincial minimum wage in Canada.
Check out the business rates for natural gas, electricity and water usage in Toronto.
- Operating Costs
Canada provides the greatest business cost advantage among nine industrialized nations studied.
- Tax Rates
Information on City of Toronto tax rates for commercial, industrial, residential and multi-residential enterprises as well as corporate income tax, employment insurance and pension plan premiums.
- Tax Rate Reduction
The City continues to reduce its tax rates for commercial, industrial and multi-residential properties.
- Development Charges
Toronto does not have municipal development charges on industrial, office or institutional development projects.
- Municipal Land Transfer Tax
The Municipal Land Transfer Tax (MLTT) is charged on properties purchased in Toronto and on disposition of all beneficial interests with closing dates on or after February 1, 2008.