Ontario government releases statement in wake of StatCan’s data on province’s economy
by CM Staff
The Ontario government's Fall Economic Statement attempted to address the province's economy with financial tax relief for small businesses.
TORONTO — Vic Fedeli, Minister of Economic Development, Job Creation and Trade, issued a statement following thee monthly employment release by Statistics Canada that showed employment in Ontario increased by 22,600 jobs in November:
“Our government continues to work around the clock to strengthen the economy and attract investments that will create good paying jobs for the people of Ontario. Domestic and international companies are looking for jurisdictions with a highly skilled workforce, a world-class innovation ecosystem and a competitive business environment that will help them grow, all of which Ontario offers.
Supporting small businesses is a key part of our plan to build Ontario. There are more than 480,000 small businesses across the province, employing one‐third of the workforce. Main Street Ontario matters, which is why we are lowering small business costs and putting money back into businesses to invest in workers, expansion and new technology.
As announced in the Fall Economic Statement, we are providing Ontario’s small businesses with $185 million in income tax relief over the next three years. Approximately 5,500 small businesses will benefit from the proposed extension of the phase-out of the small business tax rate. This means an eligible business could receive over $36,000 in Ontario income tax relief each year. Furthermore, we are temporarily allowing businesses to accelerate write-offs of capital investments for tax purposes, including the immediate expensing of up to $1.5 million annually for eligible capital investments.
In November, we welcomed L&T Technology Services and Snowflake Engineering to Ontario – two international technology companies that will create a combined total of 400 jobs.”
