Wynne government moves ahead with promise to reduce small business taxes

TORONTO, Ont. – The Wynne government plans to move ahead with a budget promise to reduce taxes paid by small businesses.

Finance Minister Charles Sousa introduced legislation, Tuesday, to raise the ceiling for a health tax exemption.

If the bill is passed, it would take effect in January, increasing the threshold to $450,000 from the current $400,000.

“Sixty-thousand businesses would pay less EHT – including 12,000 that would now no longer pay this tax, meaning that almost 90 per cent of Ontario’s private sector employers, would not pay the EHT,” Sousa said, adding that this would have a positive impact on the province’s small businesses.

“Imagine $700 to $800, or $8,775 in certain cases, will enable these companies to allow for a part-timer – for example – to go full time, or enable them to hire even more staff.”

The tax cut is one of several measures the minority Liberals included in the budget to earn the support of the New Democrats in order to avoid an election.

Top Stories

Top Stories

Most Watched Today