OAKVILLE, ONTARIO – Shareholders of Tim Hortons, the largest quick-service restaurant chain in Canada, voted on Sept. 23 to reorganize the business as a Canadian public company.
Tim Hortons was founded in Canada in 1964. In 1995, it merged with U.S.-based Wendy's International Inc. In 2006, it was spun off to become its own separate U.S. company.
"Since first coming into office, our government has helped set the conditions for Canadian businesses to succeed and to make Canada a great place to do business," said Prime Minister Stephen Harper. "Tim Hortons' decision shows our strategy is working."
The Harper Government claims it has made Canada more competitive by reducing the general corporate income tax rate from more 22% to 19%. By 2010, Canada will achieve the lowest overall tax rate in the G7 on new business investment, he added.
"Our government has reduced taxes, paid down debt and invested in the infrastructure projects that businesses need to succeed," Mr. Harper said. "Canada has not been immune from the global economic downturn and our government remains hard at work to protect Canadians and to ensure our country's recovery. However, Canada continues to fare better than many others, and is clearly an attractive investment destination."