Ontario to cut small business tax rate, will create advisory council to study competitiveness

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Ontario government’s projected deficit for current 2019-20 fiscal year is now $9 billion, down from $10.3 billion estimated in actual budget

Ontario’s Progressive Conservative government said Wednesday that it would fulfill a campaign pledge to cut the province’s small business tax rate starting next year, and that it will create an advisory council to further study the question of business competitiveness in the province.

However, the fiscal update said a related dividend tax credit rate for shareholders in Ontario small businesses would be cut at the same time as well, to nearly three per cent from almost 3.3 per cent, meaning recipients of “non-eligible” dividends would get less of a credit. This would save the government $125 million over three years, making for a net cost to the provincial treasury of $60 million.

The government also used the update to announce it is going ahead with “measures to create a modernized securities regulatory framework” and that it will create a “securities modernization task force” that would make recommendations about competitiveness and investor protection. Now, the government says it is proposing to amend its legislation “to facilitate the establishment of retail stores by licensed producers related to their production sites, which would further increase consumer access to legal retail stores.”

 

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fordnation again pushes ideology not facts. In doing so, cuts will impoverish treasury to encourage privatization of public services. Corporate tax cuts have been shown to actually foster slower growth in Canada and elsewhere.

Why the hell do they need an 'advisory council' to study competitiveness? Let businesses compete, and get the hell out of the way.

Ford has no choice or investment in Ontario will grind to a halt. Although Canada has among the lowest small business tax rates he's alienated the worlds major investors by cancelling many high profile contracts. onpoli

Here's a tip. Dust off Ad on Drummond's report.

now if we could just get wages up to a living wage, people would have money to spend in those small businesses and keep the velocity of money high enough to prevent deflation

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