InsideHeader2 1178px

Economic Overview

In the Heart of Prosperity

Canada's Industrial Heartland thrives inside Canada's richest economy and largest consumer and industrial markets. Ontario contributes more than 38 percent of the national gross domestic product and accounts for almost 54 percent of manufacturing shipments.

One Vision for Growth & Prosperity

Municipal, Provincial and Federal governments are working as partners with business and industry in Canada's Industrial Heartland to promote a positive economic climate. Backed by its partners, the Heartland is committed to:

  • supporting innovation and entrepreneurship
  • removing barriers to business and industrial growth
  • ensuring business infrastructure is in place in local communities
  • fostering sector and business cluster relationships
  • sponsoring strategic skills development in the existing workforce

Lower Business Costs

With an economy growing faster than any G-7 nation, Ontario has lower business costs overall than the United States, Sweden, United Kingdom, Italy, France and Germany. Among the reasons are a provincial government committed to making the province the most competitive jurisdiction in North America.

Competitive Corporate Taxes on Manufacturing

CorpTaxLarge
Ontario's combined federal-provincial corporate tax rate of 28 per cent is significantly lower than the US weighted average of 36.1 per cent for manufacturing. When federal and provincial tax credits, deductions and allowances are combined, companies can expect to be reimbursed for between 50 and 60% of their total research and development expenditures.

 

Login Form