Trusted Business Centre
Despite the recent global recession, Toronto's business community was able to complete $4.2 billion in real estate deals in 2009. The reason for this remarkable market confidence lies in the City's international reputation for accountability, stability, fairness and its adherence to the rule of law. When a deal closes in Toronto, there is absolute faith that the financing and regulation is in place to guarantee the transaction.
Toronto's businesses are renowned for their accountability, sound practices and transparency. In the World Economic Forum's Global Competitiveness Report 2012-2013, Canada ranked in the top 10 for strength of auditing, ethical behavior and the efficacy of its corporate boards. Click here for a summary of Canada's results.
As of 2011, all publicly accountable businesses in Toronto will use the International Financial Reporting Standards (IFRS). IFRS is widely used around the world as a single set of high quality, understandable and enforceable global accounting standards. IFRS will replace the Generally Accepted Accounting Principles (GAAP). Adoption of IFRS will further enhance the accountability and ethical culture that is already entrenched in Toronto, strengthening the City's position as a trusted business destination.
Since the early 1990's, Canada's well structured financial system has provided a level of stability that has benefited the overall business environment in the City of Toronto and the Greater Toronto Area. Consistent and stable results strengthen the accountability of businesses, signaling the likelihood of future growth.
Over the last 20 years, excluding the recent economic downturn, Canada's economy has grown consistently at a rate between 1% and 6%. During that time, inflation has remained in the 1% to 3% target range as set by the Bank of Canada. In 2010, Paul Krugman, Nobel laureate in Economics, wrote in the New York Times that the world stands to learn from the remarkable stability of Canada’s banks. Click here to read the full article.
In Canada, effective regulation combined with a risk-averse, long-term approach to business development produced not a single bank failure. In February 2009, U.S. President Barack Obama praised the Canadian banking system saying, "In the midst of the enormous economic crisis, I think Canada has shown itself to be a pretty good manager of the financial system and the economy in ways that we haven't always been." Not surprisingly, Canada ranked in the top 10 of the Edelman Trust Barometer in 2010 and the 2009 Transparency International: Corruption Perception Index.
Businesses are built on trust. When companies from 153 countries around the world do businesses in Toronto, they know that their transactions will be conducted in accordance with the rules of the World Trade Organization.
The Toronto Region stands out as the multicultural city of the 21st century. Nearly 5.5 million Torontonians, half of whom are foreign born, work, play and live together in one of the safest and friendliest cities in North America. The City's Economic Plan outlines its commitment to fairness and emphasizes the importance of economic prosperity for all Torontonians. Through social programs, public education, universal healthcare, community programs and a strong ethos of corporate social responsibility, residents and businesses live and work in a vibrant economic environment.
Rule of Law in Canada
While democratically elected legislators make laws, Canadian courts interpret them.
The courts interpret Canada's Charter of Rights and Freedoms, a document which outlines basic human rights including the right to liberty and equality, and freedom of religion, expression and association. Ontario has a common law system of justice, similar to that of the United States, which relies on the historical record of court interpretations.