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Corporate Taxes
The
corporate tax structure in Ontario is extremely competitive, encouraging
business investment and creating an environment for business to succeed.
Click here to view a chart containing the
2007 corporate
tax rates for Ontario businesses.
Click here for information the federal
Goods and
Services Tax (GST) and the Ontario Provincial Sales Tax (PST).
Manufacturing Sector
Ontario's combined federal-provincial corporate tax rate for 2007
of 34.12 per cent is over three percentage points lower than the
U.S. average for manufacturing. Click here to access an
interactive
chart comparing Ontario's corporate tax rates to other
provinces/states.
Research & Development
Ontario has created an environment which promotes and supports
research & development activities. Federal and provincial incentives
on research and development generate significant tax savings, both
on a percentage basis and because of the wide range of activities
that qualify. For a summary of research & development activities
carried out by the both the public and private sector in Ontario,
including R&D incentives,
click here
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Property Tax
Richmond Hill has a competitive
and comparatively low property tax rate in the Greater Toronto Area (GTA).
Below is a list of property tax rates for Richmond Hill and surrounding
municipalities. The total tax is determined by multiplying the assessed
value of a property (as determined by MPAC (Municipal Property
Assessment Corporation)) by the applicable tax rate (as shown below).
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Development Charges
Development charges are intended to offset the costs of creating new hard services (roads, water lines, sanitary sewers etc.) and soft services (police, libraries, transit, etc.) that result from new developments.
Click here to view
Richmond Hillīs non-residential development charges.
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Financial Status Report
The Town of Richmond Hill has maintained a reputation as one of the most fiscally managed communities in
both the GTA and Canada.
In addition, the Town maintains a level of cash reserves that is envied by
neighboring municipalities. As a result, Richmond Hill is able to maintain and
improve upon existing service levels and is well positioned to meet the
challenges and initiatives of the future without over-burdening tax payers.
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