Canada's largest city is beginning to develop into a
world-class hub to found and develop tech startups. According to
Mark MacLeod, former CFO for Shopify Inc. and Freshbooks, the combination of recent tax law
changes for foreign investors, concerted local efforts to establish
creative hubs and great talent have recently allowed Toronto's
startup sector to come into its own. A recent article in the Globe and Mail also cited
efforts by Toronto mayor, John Tory, to establish a working group
on innovation as an important step in the right direction on the
path to firmly establish the city's startup sector.
Tory recently spoke to a group of investors and tech players at
Shopify's Toronto offices and in relation to startups stated,
"I really want to know what the city has been doing right, and
what we should stop doing, that might have been doing that's
going to impede." This new focus on what can be done to grow
Toronto's startup community is bolstered by efforts from tech
champions like the Ontario Municipal Employees Retirement System
pension fund (OMERS), which manages the assets of several hundred
thousand retired civil servants. OMERS recently added $260 million to its fund
in August and has invested in Toronto-based tech companies Wattpad and Interaxon. John Ruffolo, CEO of OMERS, has noted that
creating "clusters" is imperative to the success of
Toronto's startup sector and believes that in the next 24 to 36
months we'll be seeing more and more like-minded people
founding and growing startups in Toronto's downtown core.
Canadian venture firms, an integral component of a successful
startup sector, are also growing. According to the same article in
the Globe and Mail, mentioned above, the Canadian Venture Capital
and Private Equity Association now has 70 venture capital
members and 33 of those firms have offices in Toronto.
Toronto is following in the footsteps of startup leaders like
San Francisco, and it's signs of growth and increased attention
to develop the sector from local leaders is encouraging and will
hopefully signal to the rest of the world that Toronto is becoming
a world-class location to grow and develop ideas and eventual
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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