The Leader - March/April 2009 - (Page 49) Economic Ties to the U.S. The economic woes of Canada’s neighbor to the south have significant impact on its own economy. “We are very tied to the U.S. economy,” Wandel explains. “About 80 percent of our exports go to the U.S., in particular in Ontario where we have a large automotive presence.” But, while the recession has come to Canada, it is much milder thus far than in the U.S., so the country hasn’t seen the massive layoffs that have been experienced in the U.S. In fact, Canada did not experience the same mortgage meltdown as the U.S., and as a result home values have remained constant. But, as Wandel explains, they expect the worst is yet to come, so they are preparing for it. “ 2 0 0 9 THE LE ADE R “ We are actually increasing our spending in economic development. We are fortunate that our mayor sees investment in economic development as very important. “We are actually increasing our spending in economic development,” he says. “We are fortunate that our mayor sees investment in economic development as very important.” The City of Toronto has recently implemented several new programs to try and attract new investments into the city and to make it easier for companies to invest in Toronto. Four new programs are: ‡ TIEG, the Tax Increment Equivalent Grant, which provides an opportunity for companies to save up to 60 percent of property tax over 10 years if they make selected investments in certain sectors or certain areas of the city. ‡ Concierge Service, which speeds the time it takes for variance and permit approvals, cutting months out of the process. Wandel also credits his engagement with CoreNet Global for as many as 11 deals over the years and stresses the importance of involvement in the organization for the networking and education opportunities it offers. ‡ Invest Toronto, a new arm’s-length investment attraction agency for the City that incorporates the private sector and academic leaders in bolstering business attraction efforts. ‡ Build Toronto, a new arm’s-length agency designed to manage, rehabilitate and sell surplus city-owned property and land for development. 49 MARCH / APRIL
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.