There are many reasons to invest in Toronto.
If you wish to start a business in Toronto you will find there are many programs put in place by the various Toronto Business Development Associations to support growth in Toronto’s economy.
Business Development Canada for one is a support system that is available to all. Their advisors will assist in the development of a business plan for whatever it is you wish to develop. An online template is available along with tutorials to create your business plan.
Imagination, Manufacturing, Innovation, and Technology grants have been put in place for appropriate options that will increase tourism and stimulate growth in various areas.
There are several community improvement plans currently in place. These would be city-wide improvement, waterfront, and employment improvement initiatives. Among other criteria, should a business investment apply to something in one of these areas, there is increased eligibility for grants.
The current economics in Toronto show strengths in the construction sector. The real estate market has continued to prosper over the past few years. The condominium market seems to have ballooned and there is growth in the manufacturing sector as well.
A tax assistance program is also available for investors seeking to fix properties that have been vacated, left unsafe, un-utilized, or abandoned due to contamination. See the Brownfields Remediation Tax Assistance Program for further information.
In addition to this, Commercial and Industrial property taxes have been frozen. Between now and 2013, small businesses will continue to see a reduction in their taxes. These efforts combined with building taxes for new commercial and industrial business continue to be reduced.
Further, there are incentives for businesses that become energy efficient. There are case studies and guidelines, criteria to be met, but nonetheless this is another support mechanism for business investment in Toronto. The Better Building Partnership will provide you and your team with the instructions, resources, and guidelines necessary to meet the criteria.
These tax reductions along with the grants have been put in place by the city of Toronto to aid small and new businesses start and succeed in Toronto. Overall investing in Toronto is a win -win situation.
Various incentives to stimulate growth have been implemented to encourage bio – medical, creative, tourism, communications, and information technology development. There are funds available should the investor meet the criteria set by the program established by the Toronto City Council.
Economic Development and Culture Toronto also have programs put in place to support and assist and advocate for investors in Toronto. Achievements and milestones are publicized to keep information current and investors knowledgeable regarding contacts and statistic information beneficial to continued development.
In addition to this, there have been a number of export programs added both at the Provincial and Federal levels in order to support local businesses. These include The Canadian Commercial Corporation (CCC), Export Development Canada (EDC), The Department of Foreign Affairs and International Trade (DFAIT), etc. For further information see City of Toronto Export Programs.
Enterprise Toronto also has facilities in place to work with those seeking to invest in Toronto. Their mission is to assist in linking new business entrepreneurs with the resources and professionals necessary to get started. For further information, please see Enterprise Toronto.
There are seminars and workshops available, too, to help in various areas of business development and networking. A discussion board is also set up to help entrepreneurs connect with each other. This will also assist in employment/partnership/ investor searches.
Bizpal is another function set up to assist the new investor. Biz Pal is an online selection of forms to help the new investor navigate the financial reporting issues. This is a one stop shop for online permits and licenses. See www.bizpal.com
Information Communications Technology, Green Planning, Aerospace, and Screen arts are a few of the sectors of business Toronto is seeking to develop growth By 2011, Toronto is aiming to be among the top five places for Information Communications Technology. (Visit the ICT strategy put in place in 2006)
For further assistance regarding investing in Toronto, contact 311 Toronto.
- Phone within Toronto city limits: 311
- Phone outside city limits: 416-392-CITY (2489)
- TTY customers: 416-338-0TTY (0889)
- Fax: 416-338-0685
- E-mail: email@example.com