Harper welcomes Tim Hortons back

[JillA 2]

http://www.oakvillebeaver.com/news/article/280331

Canada is on the verge of a new era of prosperity and for Prime Minister Stephen Harper the proof can be seen in the actions of Tim Hortons.

The prime minister stopped by Oakville yesterday to participate in an event celebrating Tim Hortons’ decision to once again become a Canadian public company.

The coffee giant, which was founded in Canada, became an American company in 1995 when it merged with Wendy’s Restaurants.

This merger ended in 2006, but even then Tim Hortons remained a private American company until Tuesday when 99 per cent of Tim Hortons stockholders voted to bring Tim Hortons back to Canada as a Canadian public company.

Against a backdrop of Tim Hortons donuts and muffins, within Oakville’s Tim Hortons Innovation Centre, Harper claimed this turn of events as a victory for the Canadian economy made possible by policies enacted by his government.

“In 1995, when Tim Hortons merged with an American firm it effectively became an American company. That decision was undoubtedly made in the best interests of the company, but here we are today, 14 years later, because it is now in the best interest of the company to come back to Canada today,” said Harper.

“This decision is all about the bottom line and the bottom line is that Canada is now not just a great place to live, but a great place to invest and do business…when we took office in 2006 the corporate tax rate just at the federal level was over 22 per cent. Today it is now down to 19 per cent and it will fall to 15 per cent by 2012 when it will be the lowest in the G7.”

Harper noted the tax cuts look good to companies while cuts he’s made to personal taxes look good to their executives with the overall effect being the attraction of business.

Tim Hortons Chief Financial Officer Cynthia Devine agreed that the tax situation in Canada was a key reason for the company’s return to Canada.

“The Canadian federal tax rate has been declining since 1980 and will reach 15 per cent by 2012. In addition, provinces such as Ontario, Alberta and British Columbia have reduced or are reducing their provincial tax rates to 10 per cent. These federal and provincial actions are moving Canada towards a goal of a combined statutory tax rate of 25 per cent over the next several years,” said Devine.

“These lower tax rates help us, and companies like us, keep more capital at work and achieve our priority in reinvesting in our business to promote future growth in our company.”

Harper noted this strategy of lowering taxes has kept the Canadian economy relatively healthy during the recession and has put Canada in a position where it will not be necessary to raise taxes to deal with debt when the recovery comes.

“Canada’s economic future has rarely looked brighter. Our banks are secure, our markets are expanding, our stimulus is working, our taxes are falling and our long-term fiscal position is solid,” said Harper.

“Tim Hortons’ return in the midst of the global recession is a clear signal that Canada is poised to come out of these tough times stronger than ever. The path we are on will draw home many other Canadian companies and businesses, it will attract highly-skilled immigrants here from all over the world. In other words, Tim Hortons’ return is just the beginning of a new era of prosperity for Canada and there could be no company more fitting to lead the way.”

Harper’s time in Oakville was not completely taken up by his speech.

Just prior to taking the podium Harper visited a nearby Tim Hortons where he greeted and shook hands with the many surprised customers present before ordering a hot chocolate and posing for dozens of media photographers.

Not everyone was happy to see the prime minister with a handful of protesters taking up positions on a nearby street corner.

One protester, dressed in a full-body seal suit, held a sign calling for an end to Canada’s seal hunt while the vast majority of the protesters held United Nations flags and questioned Harper’s decision to make a corporate announcement in Oakville rather than attend the United Nations General Assembly on climate change in New York.

When asked about this decision the prime minister stated that it is standard practice for the Minister of Foreign Affairs to be Canada’s representative at that meeting.

[Krikit 1,164]

Even the Prime Minister talks about Tim Hortons! I love it.

[IR5FORMUMSIE 850]

My eyes must be playing tricks on me, for a second I thought it said, "Harper welcomes Tim Horton back."

[Hugglebuggles 60]

Well that's cool!

Interesting how the article works to paint this as a Harper victory. Bias much Oakville Beaver? ( beaver...)

With that said, I agree with a lot of it. Neutrality is just nice to see sometimes...

[Rhiannercakes 14]

It's good to see a Canadian company back in Canada's hands.