Competitive Business Costs
Why the Toronto Region stands out for Competitive Business Costs
Low Corporate Tax Rates
A combined federal/provincial tax rate of 26.5 percent, lower than most Canadian provinces and key U.S. states such as New York and Illinois.
Cost Competitive Labour Costs
Salaries for in-demand technical talent are 20 to 40 percent lower than in U.S. tech hubs such as New York or San Francisco.
Employer Cost Benefits
Employers in the region can enjoy health costs that are half of your U.S. counterparts. All citizens and permanent residents in Ontario have access to our universal health care system.
Government Incentives
Your business can benefit from a number of incentives and tax credit programs offered in the region to lower your costs even further. Our team can help you find the right incentive for your business.
“We are excited to launch our global AI Centre of Excellence in Toronto and join the city’s vibrant digital community, which is recognized as one of the world’s premier AI and data hubs. By attracting top AI talent and partnering with leading think tanks and research institutions locally, we will further our global commitment to addressing healthcare challenges to help improve the lives of patients. We are the only multi-national pharmaceutical company with a digital hub that services the world right here in Toronto.”
Canada’s economic centre
The Toronto Region’s economy represents nearly 20 percent of Canada’s GDP – a greater share than any other metro region or province. Toronto Region makes up 50 percent of Ontario’s GDP and it also represents one of the most diverse economies in North America.
We are home to:
- The largest technology hub in Canada and third largest in North America with 24,000 companies and over 285,000 tech workers.
- Canada’s financial capital, and the second largest financial services centre in North America behind New York.
- One of the largest food and beverage sectors in North America.
- Canada’s manufacturing heartland, leading the way in automotive and robotics research.
- One of North America’s largest life sciences sectors, and leading global destination for conducting clinical trials.
