Liberals working to help small businesses

We know from the numbers Ontario’s economy is doing well. We’re leading the G7 in economic growth and our unemployment rate is almost at the lowest it’s been in 16 years.

But the numbers only tell part of the story. People are having a tough go. The system isn’t working, or at least not like it used to. Economic growth is not enough to bring everybody forward. While we know that increasing the minimum wage can benefit businesses as spending power increases, the success of small businesses is just as important to us. We are committed to fostering an environment where businesses can compete and grow.

That is why, in the fall Economic Statement, we introduced measures to help businesses lower costs, create opportunities, and modernize their relationship with government. We are cutting the small business tax by 22 per cent, from 4.5 per cent to 3.5 per cent.

This significant tax relief will save small businesses $250 million over the next two fiscal years, helping them reinvest in their future. But that’s not all we’re doing. We are investing $124 million for small businesses to hire and retain youth aged 15-29, and adding five new Red Seal trades to our apprenticeship support program.

We are also investing $40 million in small businesses in downtown and main street areas, to support thriving communities across the province. These are in addition to steps we have already taken. We are listening and taking action, and are continuing to work with small businesses to help them create good jobs and grow the economy.

MPP Jeff Leal

Minister Responsible for Small Business