Generating almost 1/5 of Canada's GDP, $286 billion (Statistics Canada and City of Toronto, 2012), Toronto is Canada's financial and business capital. Rated as one of the top 10 global cities with economic clout (PwC, 2011), and one of the top 5 cities for economic potential and infrastructure (fDi American Cities of the Future, 2011/12), Toronto is a dynamic, diverse, vibrant city that provides the ideal business environment for companies looking for competitive advantages.
The story of Toronto's competitiveness begins with the creativity of its people. The quality of Toronto's diverse and creative work force is unparalleled - nearly 50% of the population is foreign born and the workforce is one of the most educated in the world.
Torontonians work in a stable environment that has the second lowest business costs when compared to other major global business centres (KPMG Competitive Alternatives Report 2012). The combined federal and provincial General Corporate Tax rate in Ontario is lower than New York, California, and Michigan. Canada currently offers the lowest overall tax rate in the G7. With the elimination of over 1,500 tariffs on manufacturing inputs and machinery and equipment, Canada will be the first country in the G20 to become a tariff free zone for manufacturers.
The stability of the Canadian market, especially during the recent financial crisis, is one of the reasons businesses have been able to continually access capital. Businesses in Toronto have utilized the available capital and the resources of the City to compete globally. These efforts are supported by all levels of government, who are committed to fostering new business investment through strategic incentive programs and regulations that promote economic growth.
The convergence of vast resources, creativity, legal and economic stability and geographic location define Toronto's unique value proposition as a business destination.