23 September 2009
Ottawa, OntarioTim Hortons Inc.
The Tim Hortons chain was founded in 1964 in Hamilton, Ontario. In 1995, the company merged with Wendy's International Inc., expanding into the United States. In March 2006, Tim Hortons completed an initial public offering, becoming a separate company as of September 29, 2006. Tim Hortons trades on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX).
In June 2009, Tim Hortons filed a registration statement with the U.S. Securities and Exchange Commission for the Company's proposed reorganization as a Canadian public company. On September 22, 2009, shareholders approved adoption of the reorganization agreement.
Doing Business in Canada
Canada has many strengths that foster a welcoming investment and business climate.
Canada is recognized around the world for its sound economic and financial management. In fact, according to the World Economic Forum, the country has the strongest banking system in the world.
The 2008 International Institute of Management Development (IMD) World Competitiveness Yearbook states that Canada leads all G7 countries in ease of doing business, and the Economist Intelligence Unit forecasts Canada as the #1 place to do business in the G7 for the next five years.
Canada has not been immune to the current economic downturn. In response, the Government introduced Canada’s Economic Action Plan to boost confidence and economic growth.
The government has extended the accelerated Capital Cost Allowance for business investments in machinery and equipment for two years.
As a result of corporate income tax reductions, Canada will have the lowest statutory tax rate in the G7 by 2012. Canada will also have a statutory tax rate advantage over the U.S. of more than 10 percentage points.
In this year and future years, businesses will also benefit from previously legislated reductions in the corporate income tax rate, which fell to 19 percent this year and will fall to 15 percent by 2012. By next year, Canada will have the lowest overall tax rate on new business investment in the G7.
For small and medium-sized businesses, the government is increasing the lending powers of both Export Development Canada and the Business Development Bank of Canada. Further, the government is expanding the Canada Small Business Program to provide even greater support.
The government introduced much-needed reforms to its competition and investment laws and policies. Amendments to the Investment Canada Act encourage more foreign investment, generating all the benefits that such investments bring while also making sure new foreign investments will not jeopardize Canada’s national security.