Queen’s Park – Countless small businesses in Ontario will be able to keep up to $40,000 of their hard-earned profits this year.
By cancelling planned tax hikes by the previous government, small businesses will have access to $308 million in 2018.
“We are leaving more money in the pockets of business owners, so they can invest in their businesses and help create jobs,” said Stormont-Dundas-South Glengarry MPP Jim McDonell. “Help is here for entrepreneurs 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 by increasing the payroll exemption to $490,000 from $450,000 in 2019. If passed, this would generate $40 million in tax relief for businesses across the province.
The government continues to urge the federal government to stop its attacks on small businesses, including its damaging tax changes to passive income.
Extra measures being taken by the government are to reduce red tape by 25 per cent by 2022, repeal legislation that creates job-killing red tape and maintain the $14 an hour minimum wage until 2020 to help businesses adjust, with future increases tied to inflation.
Furthermore, 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.