Canadian Tire lands tax break in Ontario

TORONTO — Canadian Tire has reached a deal with the body that assesses property taxes in Ontario to reduce the value of their properties, with taxpayers making up the difference. A Memorandum of Understanding with the Municipal Property Assessment lowers the retailer’s tax liability, ultimately leading to tax refunds. “These big box stores go vacant, they tend to stay on the market for a long time,” MPAC’s VP and COO, Rose McLean, explained to the CBC. “They’re not easy to repurpose. That’s why we’ve made a decision to increase the depreciation on the stores, because they don’t hold their value.” The amount of the refund will vary by municipalities. Other retailers who have applied for similar breaks include Lowe’s, Home Depot, and Costco.