With an eye to next spring’s election, Ontario’s Liberal government will slash small business taxes as part of $500 million in new investments aimed at easing the transition to the province’s increasing minimum wage.
Finance Minister Charles Sousa unveiled the government plan in the province’s fall economic statement Tuesday afternoon. The corporate tax rate for small businesses will fall from 4.5 per cent to 3.5 per cent effective Jan. 1, 2018, the same day the province will increase its minimum wage from $11.60 to $14.