In welcome news, the Government of Ontario has announced that, effective January 1st of this year, it will reduce the small business Corporate Income Tax by 8.7%, to a new rate of 3.2%.
Small businesses are the backbone of Ontario’s economy. Almost all of Niagara’s businesses are small- or medium-sized enterprises, and nearly four in five (33,947 out of a total of 42,692 registered businesses) employ fewer than five people.
More than 275,000 businesses in Ontario will receive up to $1,500 in annual savings. Under pressure from rising prices for labour, energy, and other essentials, not to mention increased municipal tax burdens from local governments with substantial infrastructure backlogs, this cut offers relief to small businesses.
The GNCC applauds this business-friendly start to the year and the new decade, and looks forward to more business-friendly policy initiatives to come which will drive economic growth and prosperity in the province and in Niagara.
The Greater Niagara Chamber of Commerce is the largest business organization in Niagara and the third-largest Chamber of Commerce in Ontario, with 1,600 members representing 50,000 employees. More information on the GNCC is available at gncc.ca.
Mishka Balsom, President & CEO of GNCC
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