ON: Reduction in small business corporate taxes from 3.5% to 3.2%
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On November 6, 2019, Ontario Finance Minister Rod Phillips tabled the 2019 Economic Outlook and Fiscal Review in the Ontario legislature. This was the minister’s first formal economic statement since taking on the finance portfolio in June 2019. Fall economic statements set the stage for provincial budgets, presented annually in spring.
In addition to tackling the projected $9 billion deficit, the minister highlighted increased investments of $1.3 billion for critical care, $400 million for health care, and $200 million for education. The government’s goal is a balanced budget in 2023.
The Minister announced a reduction in small business corporate taxes from 3.5% to 3.2%, expected to save small businesses up to $1,500 a year.
He also announced the creation of the premier’s Advisory Council on Competitiveness. The council will work with business leaders and workers to find ways to improve competitiveness. The council will be supported by both the Ministry of Finance and Economic Development, Job Creation and Trade.
CPA’s Ontario Director of Government Relations Marcelline Riddell has requested the CPA’s participation on the Competitiveness Council and will follow-up on this request by the end of November.
