City of Toronto Discussion Paper on Small Business Taxationby Rob Sysak, March 25, 2016
The Small Business Council Advisory Body of the City of Toronto have published a Small Business Taxation Discussion Paper. It is available to the public and is a highly recommended read for any small business owner.
Last April, the Deputy Mayor of Toronto held a Small Business Roundtable directed at understanding the challenges faced by small businesses and finding ways in which the City of Toronto can better help as a result.
The primary issues identified revolved around the impacts of property taxes.
After collecting data and interviewing a collection of small business owners (testimonials and stories are included in this discussion paper), the Small Business Council Advisory Body found three main property tax-related issues that impact small businesses in Toronto:
- Disparity between residential and commercial property tax rates
- Disparity between the level of the business education tax in Toronto versus neighbouring municipalities
- Commercial property assessment levels in rapidly developing areas.
To read further, please download the Discussion paper here.