Ontario is increasing opportunities for 60,000 small businesses, charities and not-for-profit organizations to grow and save money starting Jan. 1, 2014.
Today, the Supporting Small Businesses Act passed final vote with all party support - the 13thgovernment bill to pass in 2013. The changes mean 88 per cent of private-sector employers in Ontario will now be exempt from paying the Employer Health Tax. The exemption will increase from $400,000 to $450,000 of Ontario payroll, saving most employers up to $975 every year. This change will cut costs and reduce paperwork for businesses so they can reinvest in their company or hire more staff.
Providing tax relief for small businesses is part of Ontario's plan to support a dynamic and innovative business climate, one of the three pillars of the government's economic plan to invest in people and build modern infrastructure.
We are working to provide real benefits for small businesses across the province. Passing the Supporting Small Businesses Act, which cuts the Employer Health Tax, will help lower the costs and paper burden for small businesses and allow them to hire more workers as well as invest in new equipment, which will help grow the economy.” Charles Sousa Minister of FinanceQuick Facts