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Toronto's Cost Advantages

Discover what makes Toronto the best place in the world to do business.

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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 51% of the population is foreign born and the workforce is one of the most educated in the world.

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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.

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Business Costs

Business Costs

Costs impact the profitability of any business. Fortunately, Toronto is a low cost jurisdiction, that offers easy access to both high quality inputs and an outstanding talent pool.



The governments of Canada, Ontario and Toronto, are taking a targeted, strategic approach to expanding and supporting business investment. This approach provides a wide range of incentives that allow businesses to grow and prosper.

Tax Advantages

Tax Advantages

Both the federal and Ontario governments have taken steps to reduce Corporate Income Taxes (CIT), directly benefiting companies in Toronto. The 2009 Ontario Budget proposed $4.5 billion in business tax relief over the next three years in order to lower business costs, enhance Ontario's competitiveness and support business growth.

Access to Capital

Access to Capital

The ability to access capital is allowing business in Toronto to invest in new technology, talent and acquisitions. As the business capital of Canada and representing 1/5 of the country's GDP, firms in Toronto benefit from the relative ease at which they are able to access capital compared to competitors around the world.

Real Estate

Real Estate

The City of Toronto is currently undergoing its largest and most rapid expansion in over 175 years. As of November 2009, Toronto has the 2nd largest number of high-rise buildings under construction in the world. (PwC, Cities of Opportunity, 2010).

Summary statistics of the office real-estate market in the Toronto region.
Graphs compare business costs in Toronto relative to North American and International peers.
Graph benchmarks the cost of taxes in Toronto relative to other cities.
Cost of water for general users and industrial users based on rate of consumption.
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Business Facts

  • Average hourly wage in the Toronto region is $23.14 (2009)
  • Combined General Tax rate is 26.5% (2012)
  • 2007, 87% of SME’s applying for financing were approved
  • 20,000 ft2 office leased in Toronto costs $336,200 CDN les per year than similar space in Midtown New York