Ontario introduced legislation Wednesday requiring annual reports on how much red tape has been reduced for business, with the goal of saving companies $100 million in paperwork costs over three years.

Economic Development Minister Eric Hoskins said the Better Business Climate Act would single out “unnecessary burdens” that are eliminated every year in a province where it’s estimated the administrative burden costs companies $1.8 billion.

He cited a Workplace Safety and Insurance Board form that was shortened by 60 per cent and put online for employers to fill out when workers are injured on the job but do not lose time off work.

That’s the type of thing that can “save administrative time and money for businesses,” Hoskins said Wednesday, noting British Columbia and Saskatchewan have similar reporting legislation on regulatory reform.

“It’s important to keep governments accountable.”

The Canadian Federation of Independent Business had recommended the government take this step in addition to red tape reduction that began a few years ago.

About 80,000 regulations for business have been eliminated in Ontario since 2008 under the province’s “Open for Business” initiative, roughly 17 per cent of the total, Hoskins said, vowing to keep in place regulations to protect public safety.

The CFIB gave Ontario a grade of “B” this year on red tape reduction, up from a grade of “C-minus” in 2011.

Progressive Conservative Leader Tim Hudak urged the government to do more on reducing the administrative burden for companies, saying Ontario has the highest red tape load in Canada.

“It’s costing us jobs every day.”

Hudak said if he were elected premier in an election that could come as early as this spring, he’d put his deputy premier in charge of reducing red tape, set a goal of reducing red tape by one-third and “take the handcuffs off so businesses can create jobs again.”

Last week the Conservatives launched a website, ontariopc.com/redtape, to highlight the issue.

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Hoskins charged Conservative plans for cutting red tape would take Ontario back to the days where so many regulations were slashed that the Walkerton tainted water crisis killed seven people, sickened hundreds and left many more with long-term health problems.

The legislation, which must win the support of one or both opposition parties in the minority parliament, would also allow the government to consult with business, academia, labour and non-profit groups to identify development opportunities for regional business “clusters” to boost job creation.