Guelph - The Guelph Chamber of Commerce and the Ontario Chamber of Commerce are pleased to see legislation introduced in the provincial legislature to put into place the tax reform measures announced in the 2009 Ontario budget.

“The changes introduced in Ontario Tax Plan for More Jobs and Growth Act, 2009 today will help make businesses in Ontario more competitive, and create much needed jobs for people in Guelph, while fueling a much stronger economic recovery in the province,” says Lloyd Longfield, president of the Guelph Chamber of Commerce.

The tax reform package includes personal, small business and corporate income tax rate reductions, sales tax harmonization, and a sales tax rebate for the most vulnerable in society. A recent study by Jack Mintz of the School of Public Policy at the University of Calgary, calculates the impact of the tax reform package as 47 billion dollars in investment and almost 600,000 jobs – this largely as a result of reducing the marginal effective tax rate (METR) on new investment by half.

“The reduction in the METR rate by half makes this one of the most ambitious tax reforms in Canadian history,” says alliance member Len Crispino, President & CEO, Ontario Chamber of Commerce. “Call it the ‘smart METR’ for Ontario – it’s intelligent tax reform that will make companies more competitive by reducing layers upon layers of taxation, stimulating a more robust economy that benefits all Ontarians.”

The Guelph Chamber of Commerce and the Ontario Chamber of Commerce have been advocating since 2004 for a tax reform package that includes sales tax harmonization and more competitive corporate and personal income tax rates.