NOVEMBER 16, 2018
BELLEVILLE– Yesterday, Ontario’s Government for the People is announcing significant tax relief for small businesses across the province.
By cancelling the previous government’s proposed tax hikes in Budget 2018, the government will save small businesses $308 million. This measure will save thousands of small businesses across Ontario up to $40,000 per year. The government will continue to urge the federal government to stop its attacks on small businesses, including its damaging tax changes to passive income.
“We are leaving more money in the pockets of business owners, so they can invest in their businesses and help create jobs,” said MPP Todd Smith. “Help is here for small businesses who work hard and want to get ahead.”
In addition to maintaining small business tax rates at their current levels, the government will also provide Employer Health Tax relief through an increase in the payroll exemption from $450,000 to $490,000 in 2019. If passed, this would generate $40 million in tax relief for businesses across the province.
The government has further committed to reducing red tape by 25 per cent by 2022. These measures complement the government’s proposed legislation to repeal the job-killing red tape in Bill 148 and maintaining the $14 an hour minimum wage until 2020 to help businesses adjust, with future increases tied to inflation.
The government is further modernizing the province’s apprenticeship program and winding down the Ontario College of Trades to reduce unnecessary complexity for Ontario’s skilled tradespeople.