Small Business TaxPublished on May 29, 2018
Helping Small Businesses Create Good Jobs - Lowering The Small Business Tax Rate by 8.7%
This morning, Doug Ford announced that an Ontario PC government would lower the small business tax rate by 8.7 per cent. This is in addition to other measures, including ensuring minimum wage workers pay zero income tax, and lowering hydro bills by 12 per cent.
- Small businesses are the lifeblood of their communities.
- Under Kathleen Wynne and the Liberals, small business owners have seen their hydro rates triple, while many small businesses are struggling to stay open under the increased burden of red tape and regulations.
- And, we’ve seen the consequence of an NDP government before. An NDP government will see thousands of small businesses shutting their doors and hundreds of thousands of people out of work.
- Doug Ford and an Ontario PC Government will take action to help small businesses in Ontario. We will ensure that small business workers who make minimum wage pay no provincial income tax. We will reduce small business hydro bills by 12 per cent, and we will reduce the small business tax rate by 8.7 per cent.
- Our plan is responsible and affordable. Our message to small business owners and small business workers is this, on June 7 change is coming and help is on the way.
Backgrounder – Small Business Tax Cut
- Ontario’s small businesses are struggling because of the increased cost of doing business in the province.
- The Liberals have turned Ontario into a high-cost jurisdiction for businesses: Ontario has some of the highest hydro rates on the continent, recently introduced a rapid increase to the minimum wage, implemented a business-hurting cap-and-trade scheme, and continues to increase red tape and regulatory hurdles.
- The Canadian Federation of Independent Business showed that the cumulative burden of the Liberal Government’s policies is that “34 per cent of Ontario’s small and medium-sized businesses would consider selling, closing or moving their business outside of Ontario.”
- The government should do more to help small businesses, rather than continually add to the burden. Liberal policies have made it difficult for small businesses with limited revenues and tight margins to remain competitive.
- The CEO of Ontario Restaurant Hotel and Motel Association noted that, “The consensus from the small-business community is that these last few years there have been policies that are hurting businesses significantly,” and there haven’t been any real offsets to support prosperity for business.
- The Liberals have made clear they are unconcerned about damaging the province’s competitiveness.
How We Will Fix It:
- A Doug Ford Ontario PC Government will help small businesses by reducing the small business tax rate by 8.7%. This is the same percentage by which the Ontario PCs are reducing the corporate tax rate.
- This means, under an Ontario PC Government, the small business tax rate will be reduced to 3.2% from the current 3.5%.
- Doug Ford and the Ontario PCs understand that small businesses are job creators and the backbone of the economy. The province should do more to help small businesses instead of continually adding to the burden.
- Small businesses need relief. Help is on the way.