Ontario Liberal Legislation Proposes to Cut Small Business Tax
FOR IMMEDIATE RELEASE
June 4, 2024
QUEEN’S PARK — Bonnie Crombie, Leader of Ontario’s Liberals, today wrote to the Finance Minister seeking his support for an Ontario Liberal Private Member’s Bill to cut the small business tax rate.
While Doug Ford is blowing a billion dollars to speed up access to booze by a year — Ontario’s Liberals are the only party actually proposing to support small businesses.
Earlier this month, Stephanie Bowman, MPP for Don Valley West and Ontario Liberal Finance Critic, introduced legislation that, if passed, would cut the small business tax rate by half, from the current 3.2% to 1.6%, and increase the income threshold from $500,000 to $600,000, allowing more business owners to qualify.
The Cutting Taxes on Small Businesses Act will save small business owners as much as $18,000 a year, providing relief amid increased inflation, high interest rates, and declining productivity. And it could be fully funded for the next two years instead of Ford’s billion-dollar booze payout. Yet just this morning the Ford Government said no to a motion to pass the bill and cut the small business tax rate immediately.
QUOTES
“Doug Ford prioritizes his wealthy friends in charge of the big, billion-dollar American box stores at the expense of our small businesses, even blowing a billion bucks on his booze boondoggle.
Ontario’s Liberals will cut the small business tax and put support for Ontario’s small business at the forefront of our plan to drive economic growth.”
– Bonnie Crombie, Leader of Ontario’s Liberals
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“This government has had six years to show their support for small businesses, and for six years they have failed.
This bill steps up to address a major shortcoming of the Ford Conservative government: if passed, it would cut taxes for small businesses to support their success and drive economic growth and productivity in Ontario.”
— MPP Stephanie Bowman, Finance Critic
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“Throughout my career, I’ve worked as a small business owner and to support our small businesses. In particular, female entrepreneurs have had to weather a lot of storms with the pandemic, and tax relief for small businesses will help to stimulate our economy.”
— MPP Andrea Hazell, Women’s Issues Critic
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“The measures in Bill 195 – Cutting Taxes on Small Businesses Act, 2024 answer Tourism Industry Association of Ontario’s (TIAO) call for small business tax relief as tourism operators continue to grow their visitor numbers while seeing the cost of business rise due to inflationary pressures, high interest rates, supply chain disruptions, and labor shortages. TIAO urges swift passage of Bill 195 to deliver the expanded capacity it would offer small tourism businesses and visitor destinations across the province.”
— Andrew Siegwart, President & CEO, Tourism Industry Association of Ontario
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