September 27, 2019
October is Small Business Month in Ontario, and I want to recognize the contribution of the thousands of small business owners in our community. Our small businesses know what matters most: creating good jobs for our local economy. Our government has made a number of changes to help small businesses succeed and to reduce burdens on entrepreneurs and employees.
We want Ontario to be open for business and open for jobs – and that is what we have done. We are doing this by reducing the taxes and unnecessary regulations on small businesses and ensuring that Ontario is providing our youth with the necessary training to be successful in today’s workplace.
We are cutting the small business corporate income tax rate by 8.7%. Job creators have responded to these lower rates and in this past year have created 190,000 net new jobs. Recently, we announced a 17% cut in Workplace Safety and Insurance Board (WSIB) premiums for small and medium businesses. This rate cut means the government will have reduced WSIB charges to business by $2 billion since taking office.
Providing businesses with tax relief, whether through tax cuts or reducing premiums, lets them spend more on their own priorities. They can hire more people, buy new machinery and services to help their businesses grow – and help our community thrive.
Some businesses have trouble finding people with the right skills, so we are also working to ensure that people have the education they need for jobs. We are investing in STEM (science, technology, education math) subjects – as well as others – in schools and higher education. Training and retraining are also key to building a successful economy. Everyone who can work should be able to find a good job. We will help them acquire the skills and match them with the businesses who need them.
Whether it is through red tape reduction for our businesses or tax relief for our constituents, our government is focused on what matters most, making life more affordable for you and your family. I am proud of the path we have taken, and I am excited about more good things to come.