Staff
Fort Frances is among Ontario municipalities having to pay back taxes to Canadian Tire.
The company reached a Memorandum of Understanding with the Municipal Property Assessment Corp. last week, which will see the values of the stores reduced.
Canadian Tire had been seeking to reduce the value of the land upon which stores are located.
The possibility that the stores one day could become vacant and difficult to sell also played into the settlement.
As a result, Canadian Tire stores will pay less in taxes and also receive a tax refund.
Fort Frances joins Dryden, Kenora, Thunder Bay, Marathon, and Nipigon as area communities that will have to provide refunds.
The amount will differ for each community.
It’s been reported Dryden will be paying back $88,708.84 for the years 2013-16.
Fort Frances CAO Doug Brown said the town only has unofficial data at this time, “but the news is not good.”
He added the town will provide an update once it receives official word from MPAC and the Municipal Working Group regarding the finalized settlement numbers.
