
Now that Halloween is behind us, Ontario’s small business owners are hoping the government will get into the holiday spirit a little early this year with next week’s fall economic statement.
Balancing the budget was small business owners’ top priority for the incoming government during last year’s provincial election campaign. Finance Minister Rod Phillips’ comments at the Canadian Club in early October on the government’s progress on getting back to balance are encouraging, but as we get closer to balance, small business owners will be looking for tax relief.
Here are some of the things small business owners will be watching for when the government gives their financial update on Wednesday:
- Reducing the small business tax rate
During the election campaign, Premier Doug Ford promised to reduce the small business tax rate by dropping it from 3.5% to 3.2%. This move would be a good one with entrepreneurs just as concerned about affordability as the general public.
While the government is making significant progress on reducing the province’s regulatory burden, small business owners still deal with disproportionately higher regulatory costs, not to mention added pressure from a tight labour market and increasing property taxes and rent payments.
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