If it sounds too good to be true, chances are good, it is. This is especially true when the topic at hand is tax abatements. A popular incentive in the competitive real estate market, tax abatements eliminate or greatly reduce the amount of property taxes businesses pay on new construction, rehabilitation and/or other commercial improvement projects. Which sounds great, until you realize there are almost always strings attached. For example, many cities only offer tax abatements in designated low-to-middle income neighbourhoods.
In Chatham-Kent we’ll never tempt you with a false promise of “free money.” Instead, we’ll provide you with something even better: prolonged, sustained savings in a low-cost business operating environment. Simply put, that means:
- Lower land costs
- Lower vacant building costs
- Lower new construction costs
- Lower labour costs
- Lower overhead costs
Now, that’s not to say we don’t offer any special incentives. The Chatham-Kent Economic Development team works directly with investors to leverage a wide range of local, provincial, and federal programs.
Municipal and government programs include:
- Brownfield Incentive Program
- Employment Incentives
- Apprenticeship Training Tax Credit
- Apprenticeship Job Creation Job Credit (AJCTC) / Canada-Ontario Job Grant
- Canada Summer Jobs
- Co-operative Education Tax Credit
- ECO Canada Wage Subsidy Internship Programs
- Electricity Sector Council Wage Subsidy
- Employer Signing Bonus
- Employment & Social Services – Employment Placement Program
- Goodwill Industries – Essex Kent Lambton
- NRC Industrial Research Assistance Program
- Ontario Disability Support Program: Employment Supports
- Ontario Youth Apprenticeship Program
- Summer Company
- Workplace Safety Insurance Board (WSIB) Incentive Programs
Agriculture / Processing Grant Programs include:
- Ontario/Federal Utility Conservation Programs
- Rural Economic Development Grant Program
- Scientific Research and Employment Development Incentives
- Southwestern Ontario Capital Grant Programs
- Federal Interest Free Loans
- Commercial Community Improvement Plan
- Downtown and Main Streets
Provincial grant programs help subsidize:
- Capital equipment purchases
- Leasehold improvements
- Training costs and job creation
The Federal 0% Loan Program supports new investment and job creation, along with ongoing research and development projects.
It’s Better North of the Border
Did you know? Ontario’s combined Federal/Provincial corporate tax rate is lower than the U.S. Federal/State average. Since 2010, the general corporate tax rate has dropped 5.5 points to 26.5%.
Planning to invest in manufacturing? Then you’ll save even more! The corporate tax rate for manufacturers is 25%.