Just one year after implementing the HST and other new tax changes, Ontario's economy is turning the corner — jobs are coming back and the economy continues to grow.
- 74,000 net new jobs have been created in Ontario since the HST was introduced
- Real Gross Domestic Product (GDP) increased 2.8 per cent in 2010, and for 2011, private sector forecasts are predicting the province's highest growth rate since 2000
- Business spending on machinery and equipment rose sharply in 2010 by more than 11 per cent.
Increased Competitiveness = Greater Investment, More Jobs
- The HST and cuts to business taxes cut Ontario's marginal effective tax rate on new investment in half.
- Ontario has joined more than 150 countries and four other provinces that already have a value-added sales tax like the HST – because it is modern, efficient and necessary to compete in today's changing world.
Report: Tax Changes Mean More Jobs for Ontario
Tax expert Jack Mintz estimates that by 2020, the reduction in the tax burden on new business investment will increase investment in Ontario by $47 billion, leading to almost 600,000 new jobs and higher annual incomes of up to 8.8 per cent.
Report: Changes Mean More Jobs For Ontario (November 4, 2009)
