High­lights

The London Free Press - - ONTARIO -

Tues­day’s fall eco­nomic up­date in­cludes a tax cut for small busi­nesses as an off­set for a min­i­mum wage that will rise to $14 an hour on Jan. 1, and $15 an hour the fol­low­ing year. Some high­lights:

• The cor­po­rate in­come tax rate for small busi­nesses will drop to 3.5 per cent from 4.5 per cent Jan. 1.

• Small busi­nesses with fewer than 100 em­ploy­ees that hire young work­ers (aged 15 to 29) will get in­cen­tives of $1,000 and an­other $1,000 for re­tain­ing that worker for six months.

• Pro­duc­ers of lo­cally grown fruits and veg­eta­bles will get $60 mil­lion in sup­ports.

• An ap­pren­tice­ship train­ing tax credit will be turned into a grant, giv­ing em­ploy­ers $2,500 upon an ap­pren­tice’s com­ple­tion of both level one and level two, $3,500 for com­ple­tion of lev­els three and four, and $4,700 when the ap­pren­tice gets cer­ti­fi­ca­tion.

• The govern­ment will put $85 mil­lion to­ward mercury re­me­di­a­tion in the English-Wabi­goon River sys­tem, which has af­fected the Grassy Nar­rows com­mu­nity for decades.

• Real GDP growth is fore­casted to be 2.8 per cent this year, up from the 2.3 per cent pro­jected in the spring bud­get.

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