Provincial government providing tax breaks to small businesses
As of the start of this year, the Province has cut the small business Corporate Income Tax (CIT) rate by 8.7 per cent to 3.2 per cent.
“Ontario has tremendous opportunity and potential, and we are working to create the conditions for job creators to grow and succeed. An important part of our plan is to reduce the tax rate for small businesses, as they play a vital role in the economy,” Rod Phillips, Minister of Finance, said in a news release.
As a result of the tax cut, more than 275,000 businesses—from family-owned shops to innovative start-ups—across the province will save up to $1,500 per year.
These tax cuts are projected to provide $255 million in Ontario income tax relief to small businesses across the province in 2020.
Currently, 98 per cent of all businesses in the province are classified as small businesses—they provide approximately one-third of all private-sector employment, which is a little more than two million jobs.
“A lower small business tax rate is a welcome way to kick off the new decade,” Julie Kwiecinski, Director of Provincial Affairs for Ontario at the Canadian Federation of Independent Business, said in the same release.
“The move will help make doing business in Ontario more affordable, providing extra money for job creators to use where it’s most needed,” she continued.
- The provincial government promises to help small businesses in Mississauga
- Province providing grants for small businesses struggling due to pandemic
- Ontario providing urgent relief for small businesses and landlords amid COVID-19 outbreak
- Province announces second round of grants for small businesses
- Many Ontarians believe Province’s latest restrictions for small businesses unfair: survey
- Mississauga and Brampton face curfews, travel ban as Ford plans next COVID move
- 401 closed as Mississauga woman killed in early morning collision
- City of Mississauga planning controlled burn of portion of popular park this weekend
- Police investigating dead body found in park in Mississauga
- Mayor of Brampton Patrick Brown and wife celebrate birth of baby girl