Ontario’s Liberals Propose Tax Relief for Small Businesses to Grow Our Economy

QUEEN’S PARK, ON – Today, Stephanie Bowman, MPP for Don Valley West and Ontario Liberal Finance Critic, will introduce 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 that is eligible for this deduction 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.

Nearly 275,000 out of Ontario’s 450,000 small businesses will benefit from this tax cut, allowing for increased investments in advanced machinery, new hires, and business expansion.

This bill is yet another measure being proposed by Ontario’s Liberals to create more abundant opportunity for the people and businesses of Ontario.

“For the past six years, Doug Ford has offered little help to Ontario’s small businesses, opting instead to prioritize his wealthy friends in charge of the big, billion-dollar American box stores.

This is unacceptable. Small businesses drive our economy, which is why Ontario’s Liberals will cut the small business tax and put support for Ontario’s business at the forefront of our plan to drive economic growth.”

– Bonnie Crombie, Leader of Ontario’s Liberals

“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

“The top priority of Ontario’s small business owners is to lower the cost of doing business to help offset their immense cost, inflationary, and debt pressures. That’s why CFIB has continued to call for further reductions to the province’s small business tax rate and an increase to the threshold. On top of providing much-needed cost relief, the measures in this bill would allow employers to further invest in their employees, expand their business, grow Ontario’s economy, and contribute to their communities. We urge all parties to support this bill and help lower costs for small businesses”

– Ryan Mallough, Vice President, Legislative Affairs (Ontario) & Vice President, Communications, Canadian Federation of Independent Business (CFIB)

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