Big Business in Canada
Toronto is the fifth largest city in all of North America. It is also the economic center of Canada. This city alone generates more than $157 billion in business transactions in 2013 and accounts for 10 percent of the GDP in Canada.
A fourth of the total popular of Canada lives within 100 miles of Toronto. Sixty percent of the popular of the United States is within a 90-minute airplane ride to this city.
The city of Toronto can generate over $13 billion for the economy of Canada as well as the local government. In this city, there are 420,000 jobs. The workforce here is one of the most educated workforces in all of the world.
Toronto-Ideal for Market Leaders
Toronto has plenty of work for those that are interested in the fields of technology and manufacturing. Toronto is connected to other major Canadian cities including Ontario, Ottawa, and Windsor. Toronto is also the leading city of science development, automotive, and there are many research centers as well as institutes for higher education here.
Toronto is the leader in North America for life science and biomedical and the biotechnology fields. Companies located here have a global presence. These companies include GlaxoSmithKline, Roche, and Sanofi. Toronto is home to the research hospital the Toronto Hospital for Sick Children. There is also the Ontario Institute for Cancer Research which is one of the leading centers for cancer research in the world.
Advantages of this City
The cost to opened international financial services is lower in Toronto than in most cities in the world according to the KPMG Competitive Alternative in 2014.
Among 48 cities with at least two million residents, Toronto is the fourth lowest and is the first for major financial centers with fair business costs for companies. This includes the cost of labor, taxes, utilities, and the use of facilities.
The large firms pay around one-third of the cost of health care for their employees as companies in the United States. Canadian federal income tax covers most of the cost of health insurance. Even with this, the premiums are still around 13 percent lower than in the United States.
According to a special report by the KPMG in 2014, Toronto has the lowest taxes in cities all over the world. The burden to run a financial service is half of the cost to run the same services in New York City.