{"id":2014,"date":"2024-05-14T12:58:00","date_gmt":"2024-05-14T16:58:00","guid":{"rendered":"https:\/\/andrea4burlington.ca\/?p=2014"},"modified":"2025-02-14T13:03:44","modified_gmt":"2025-02-14T18:03:44","slug":"ontarios-liberals-propose-tax-relief-for-small-businesses-to-grow-our-economy","status":"publish","type":"post","link":"https:\/\/andrea4burlington.ca\/index.php\/2024\/05\/14\/ontarios-liberals-propose-tax-relief-for-small-businesses-to-grow-our-economy\/","title":{"rendered":"Ontario\u2019s Liberals Propose Tax Relief for Small Businesses to Grow Our Economy"},"content":{"rendered":"\n[et_pb_section fb_built=\u201d1\u2033 _builder_version=\u201d4.27.2\u2033 _module_preset=\u201ddefault\u201d custom_margin=\u201d-33px|||||\u201d global_colors_info=\u201d{}\u201d theme_builder_area=\u201det_body_layout\u201d][et_pb_row _builder_version=\u201d4.27.2\u2033 _module_preset=\u201ddefault\u201d custom_padding=\u201d5px|||||\u201d global_colors_info=\u201d{}\u201d theme_builder_area=\u201det_body_layout\u201d][et_pb_column type=\u201d4_4\u2033 _builder_version=\u201d4.27.2\u2033 _module_preset=\u201ddefault\u201d global_colors_info=\u201d{}\u201d theme_builder_area=\u201det_body_layout\u201d][et_pb_text _builder_version=\u201d4.27.2\u2033 _module_preset=\u201ddefault\u201d text_font=\u201d\u2013et_global_body_font||||||||\u201d ol_font=\u201d\u2013et_global_body_font||||||||\u201d global_colors_info=\u201d{}\u201d theme_builder_area=\u201det_body_layout\u201d]

QUEEN\u2019S PARK, ON \u2013\u00a0<\/span><\/b>Today, Stephanie Bowman, MPP for Don Valley West and Ontario Liberal Finance Critic, will introduce legislation that, if passed, would cut the small business tax rate by half, from the current\u00a0<\/span>3.2% to 1.6%<\/b>, and increase the income threshold that is eligible for this deduction from\u00a0<\/span>$500,000<\/b>\u00a0to\u00a0<\/span>$600,000<\/b>, allowing more business owners to qualify.<\/span><\/p>\n

The\u00a0<\/span>Cutting Taxes on Small Businesses Act\u00a0<\/span><\/i>will save small business owners as much as\u00a0<\/span>$18,000 a year<\/b>, providing relief amid increased inflation, high interest rates, and declining productivity.<\/span><\/p>\n

Nearly 275,000 out of Ontario\u2019s 450,000 small businesses will benefit from this tax cut, allowing for increased investments in advanced machinery, new hires, and business expansion.<\/span><\/p>\n

This bill is yet another measure being proposed by Ontario\u2019s Liberals to create more abundant opportunity for the people and businesses of Ontario.<\/span><\/p>\n

\n

\u201cFor the past six years, Doug Ford has offered little help to Ontario\u2019s small businesses, opting instead to prioritize his wealthy friends in charge of the big, billion-dollar American box stores.<\/span><\/p>\n

This is unacceptable. Small businesses drive our economy, which is why Ontario\u2019s Liberals will cut the small business tax and put support for Ontario\u2019s business at the forefront of our plan to drive economic growth.\u201d<\/span><\/p>\n

\u2013 Bonnie Crombie, Leader of Ontario\u2019s Liberals<\/i><\/strong><\/p>\n<\/blockquote>\n

\n

\u201cThis government has had six years to show their support for small businesses, and for six years they have failed.<\/span><\/p>\n

This bill steps up to address a major shortcoming of the Ford Conservative government: if passed, it would cut taxes for small businesses to support their success and drive economic growth and productivity in Ontario.\u201d<\/span><\/p>\n

\u2013 MPP Stephanie Bowman, Finance Critic<\/i><\/strong><\/p>\n<\/blockquote>\n

\n

\u201cThe top priority of Ontario\u2019s small business owners is to lower the cost of doing business to help offset their immense cost, inflationary, and debt pressures. That\u2019s why CFIB has continued to call for further reductions to the province\u2019s small business tax rate and an increase to the threshold. On top of providing much-needed cost relief, the measures in this bill would allow employers to further invest in their employees, expand their business, grow Ontario\u2019s economy, and contribute to their communities. We urge all parties to support this bill and help lower costs for small businesses\u201d<\/span><\/p>\n<\/blockquote>\n

\n
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    QUEEN\u2019S PARK, ON \u2013\u00a0Today, Stephanie Bowman, MPP for Don Valley West and Ontario Liberal Finance Critic, will introduce legislation that, if passed, would cut the small business tax rate by half, from the current\u00a03.2% to 1.6%, and increase the income threshold that is eligible for this deduction from\u00a0$500,000\u00a0to\u00a0$600,000, allowing more business owners to qualify. The\u00a0Cutting […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[35,30,34,32,33],"class_list":["post-2014","post","type-post","status-publish","format-standard","hentry","category-liberal-policies","tag-local-economy","tag-ontario","tag-ontario-liberal-party","tag-small-business","tag-tax-cut"],"yoast_head":"\nOntario\u2019s Liberals Propose Tax Relief for Small Businesses to Grow Our Economy - Andrea Grebenc -2025 Ontario Liberal Candidate of Record - Burlington<\/title>\n<meta name=\"description\" content=\"Small business owners will save as much as $18,000 a year, providing relief amid increased inflation, high interest rates & declining productivity.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/andrea4burlington.ca\/index.php\/2024\/05\/14\/ontarios-liberals-propose-tax-relief-for-small-businesses-to-grow-our-economy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ontario\u2019s Liberals Propose Tax Relief for Small Businesses to Grow Our Economy - 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