City councillors say they are running out of time to introduce new small business tax rate in 2021

  • 📰 CP24
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 67%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

A group of city councillors are pushing for the introduction of a new property tax subclass to support struggling small businesses but they say that they can’t do it without the province’s help.

The Ford government announced in November that it would permit municipalities to reduce the cost of property taxes for small businesses but it has not yet released technical regulations that will lay out the parameters for the program and with Toronto council scheduled to approve their budget later this month, time is now running out for the city to provide the relief to businesses in 2021.

“We all celebrated the provincial budget announcement that proposed new authority for municipalities to adopt a special tax and reduce tax rates for small business properties.

But she said that the COVID-19 pandemic has made that situation worse by forcing a wide swath of businesses to close with limited means to generate revenue to cover property tax bills that sometimes treat their businesses as if they are high-rise condominium towers.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Make it 100% and be done with it. In a few weeks there will be no small business to pay it anyway.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 30. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines