Loading articles...

Ford government re-announces tax relief for small businesses struggling during pandemic

Last Updated Nov 10, 2020 at 3:05 pm EDT

Mayor John Tory was joined by the premier on Tuesday to make the announcement. John Tory/Twitter

As part of its recently announced 2020 Ontario budget, the Ford government is proposing to give municipalities the flexibility to target property tax relief to small businesses.

Speaking alongside mayor John Tory and finance minister Rod Phillips, premier Doug Ford says Ontario is considering matching these reductions, which would provide small businesses with as much as $385 million in municipal and provincial property tax relief.

RELATED: As Toronto reports over 500 COVID-19 cases, de Villa cautions against virus being normalized

“Small businesses are the backbone of Ontario’s economy, but many have been suffering through the pandemic and struggling to stay on their feet,” Ford said.

“Our municipal partners came to us with an idea to provide more support for small businesses through property tax relief, and in our fall budget, we delivered.”

Through the 2020 budget, the Ford government announced that it will lower high Business Education Tax (BET) rates for over 200,000 employers starting Jan. 1, 2021.

Meantime for Toronto, the mayor said the City will save over 130-million in taxes, saying the decision will positively impact local businesses.

Tory says a tax sub-class will be created in a separate measure or bracket to help small businesses.

“The fact is, we need it more than ever because of the pandemic,” Tory said.

“We have worked well together throughout the pandemic because we know the people want their government’s cooperating at the best of times and especially, during the tougher times that we’re experiencing now.”

Ford says rates will be reduced to 0.88 per cent, which, for many employers, represents a reduction of 30 per cent.

Latest Traffic & Weather
680 NEWS TRAFFIC @680NEWStraffic 680 News Traffic Twitter verified icon
Updated 38 minutes ago
TRAFFIC ALERT: The EB 401 express lanes remain CLOSED from Meadowvale to Brock Road. The left lane is also blocked…
Latest Traffic
680 NEWS WEATHER @680NEWSweather 
Updated Today at 03:14 AM
It’s Friday!! Wet weather in the forecast but it doesn’t get going until later today. Tune to 680 NEWS 📻 for more d…
Latest Weather