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Toronto's Cost Advantages

Discover what makes Toronto the best place in the world to do business.

The convergence of vast resources, creativity, legal and economic stability, and geographic location define Toronto's unique value proposition as a business destination.

Toronto is a low-cost jurisdiction. There are clear legislative and regulatory strategies in place to provide definitive cost advantages for businesses seeking to operate in the city. With access to high-quality support services, stable cost conditions, and a diverse and creative work force, Toronto provides significant advantage for those companies operating here.

Torontonians work in a stable environment that has the 15th lowest business costs when compared to other major global business centres (KPMG Competitive Alternatives Report 2014). The combined federal and provincial General Corporate Tax rate in Ontario is lower than New York, California, and Michigan.

Canada currently offers the lowest overall tax rate in the G-7. With the elimination of over 1,500 tariffs on manufacturing inputs, machinery and equipment, Canada was the first country in the G-20 to become a tariff free zone for manufacturers.

The stability of the Canadian market, especially during the recent financial crisis, is one of the reasons businesses in Toronto have continued to access new capital. Businesses in Toronto have utilized the available capital and the resources of the city to compete globally. All levels of government support the efforts to foster new business investment through strategic incentive programs and regulations that promote economic growth.

Toronto enjoys remarkable cost advantages vs. other global cities that aggressively compete to attract new business. And Toronto’s current economic momentum is unrivaled among peer international centres...

Graph explains how Ontario's marginal effective tax rate will fall between 2009 and 2018 to below the OECD average.
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Business Facts

  • Average hourly wage in the Toronto region is $23.14 (2009)
  • Combined General Tax rate is 26.5% (2012)
  • 2007, 87% of SME’s applying for financing were approved
  • 20,000 ft2 office leased in Toronto costs $336,200 CDN les per year than similar space in Midtown New York