Listen Live
HomeNewsCanadian Tire to receive $100,000 in tax refund from Bancroft

Canadian Tire to receive $100,000 in tax refund from Bancroft

The Town of Bancroft will have to give back $100,000 to Canadian Tire in tax money.
That’s because the national corporation has successfully had its tax assessments lowered by the Municipal Property Assessment Corporation. MPAC has reduced the value of the land the nationwide chain stores sit on. One of the major concerns head office has is that some locations may close and the buildings could sit empty before eventually being sold.
Bancroft’s Interim Treasurer Arthur Smith says this year’s budget will have to include the refund for taxes dating back eight years. Smith says that could mean residents are on the line for the lost $100,000 in tax revenue, but the long-term impact is still uncertain.
Smith adds two other stores in Bancroft have also applied to have their property assessments reduced.
Other communities like Dryden, Thunder Bay and Kenora also owe Canadian Tire tens of thousands of dollars in refunds.

- Advertisment -
- Advertisment -
- Advertisement -

Continue Reading