Big News for Small Business in Ontario Economic Update

Province Lowering Taxes To Compensate for Higher Minimum Wage

The province’s fall economic update comes with good news for small business owners. Finance Minister Charles Sousa handed down the update at Queen’s Park today, saying corporate income tax rates for small businesses would be lowered by one percentage point to 3.5 per cent. This is said to compensate for the minimum wage increase. The update also outlined how the provincial books are balanced, and are expected to be in the black next year and the year after.