FOR IMMEDIATE RELEASE: Nov. 7, 2019
QUEEN’S PARK – Ontario’s plan to create a business environment that attracts investment and creates high-paying, good quality jobs was outlined by Finance Minister Rod Phillips in the Fall Economic Statement.
Ontario is a province of tremendous opportunity and potential however, high taxes, excessive payroll costs and burdensome red tape have been driving investment and jobs away from the province. That is why the government is creating the conditions for success by reducing taxes and eliminating outdated and duplicative regulations, while making sure important health, safety and environmental protections are maintained or enhanced.
“We are empowering small business by allowing them to compete without competing against high taxes and sticky red tape,” said Toby Barrett, MPP.
To help small businesses grow and succeed, the government is proposing to reduce the small business Corporate Income Tax rate to 3.2 per cent from 3.5 per cent, starting January 1, 2020, fulfilling the promise to cut Ontario’s small business tax rate by 8.7 per cent. This measure would provide tax relief of up to $1,500 annually to over 275,000 businesses that benefit from the small business Corporate Income Tax rate — from family-owned shops to innovative start-ups.
Overall, Ontario’s small businesses would save $2.3 billion in 2020 through actions the government is taking such as cancelling the cap-and-trade carbon tax, keeping the minimum wage at $14 per hour, and supporting Workplace Safety & Insurance Board (WSIB) premium reductions.
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For more information, contact MPP Toby Barrett at 519-428-0446 or toby.barrett@pc.ola.org