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iMPACT.iNSiGHT.iNFLUENCE OCC and the bottom line

iMPACT.iNSiGHT.iNFLUENCE OCC and the bottom line. Presentation to the 97 th Annual General Meeting. Business Education Tax. COMMERCIAL . INDUSTRIAL. 71 % of Ontario Municipalities have BET rates greater than 1.52%

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iMPACT.iNSiGHT.iNFLUENCE OCC and the bottom line

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  1. iMPACT.iNSiGHT.iNFLUENCEOCC and the bottom line Presentation to the 97th Annual General Meeting

  2. Business Education Tax COMMERCIAL INDUSTRIAL 71 % of Ontario Municipalities have BET rates greater than 1.52% In these communities, for every $100,000 in assessed property values, businesses will save $759 annually • 54 % of Ontario Municipalities have BET rates greater than 1.52% • In these communities, for every $100,000 in assessed property values, businesses will save $338 annually

  3. Elimination of Capital Taxes • To date, for every $25 million in capital, businesses are saving $22,500 annually • Effective July, 2010 these savings will grow to $45,000 annually • Financial institutions will see savings of $90,000 to $135,000 annually

  4. Minimum Wage and Employment Insurance Minimum Wage • For every 10 FTE jobs at the minimum wage, businesses have saved $78,000.

  5. Corporate Taxation Small Business Corporate Tax Elimination of the Claw Back With the elimination of the small business claw back and the reduction in the general CIT, businesses will also save an additional $8,250 annually for every $100,000 in taxable income between $500,000 and $1.5M • For every $100,000 of taxable income under $500,000, businesses will save $1,000 annually

  6. Corporate Taxation General Corporate Tax Manufacturers For every $100,000 in net income, manufacturers will save $2,000 annually next year • For every $100,000 in net income, large businesses will save $2,000 next year. • This saving will gradually rise to $4,000, annually in 2013.

  7. Sales Tax Harmonization Business Costs Business Investment For every $1 million investment in machinery and equipment, the average non-manufacturing business will save $46,000 For every $1 million investment in machinery and equipment, the average manufacturing business will save $23,000 • For every $1 million in operating expenses, the average business will save $4,800, annually • In addition, businesses in Ontario will save approximately $500 million with only one retail sales tax to administer

  8. Budget 2009: Examples Small Service Business Small/Medium Manufacturer Average small manufacturer with $5 million of revenue with $120K of taxable income in 2009: • Average small dry cleaning business with $200,000 of revenue and $20,000 in income in 2009: 85%Tax in 2010 73%Tax in 2010

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