TORONTO —Ontario Finance Minister Peter Bethlenfalvy recently presented the Government of Ontario’s Fall Economic Statement, which contained welcomed initiatives on tax relief and for workers who are collecting Ontario Disability Support Payments (ODSP).
Overall, the government will:
- Automatically match property-tax reductions offered by municipalities that adopt the small business property subclass;
- Deliver an estimated $185 in tax cuts for impacted small businesses, including extending the range over which from the small business rate is phased out for taxable capital between $10 and $50 million, up from $15 million. Ontario is also providing temporary immediate expensing for eligible property acquired by a CCPC, and Canadian partnerships where all the partners are CCPCs or Canadian-resident individuals;
- Extend its cuts to provincial gas taxes for another year; and
- Raise the amount a person with a disability on the Ontario Disability Support Program (ODSP) can earn, from $200 to $1,000 per month, without impacting their income support benefits.
“Restaurants Canada will continue to engage the Government of Ontario on labour shortages, inflation, food prices, tax burden, environmental policy and other priorities,” says James Rilett, VP, Central Canada, Restaurants Canada.