Ontario offering small business relief to ease transition to higher minimum wage

Liberals announce $500 million in transition investments
By Shawn Jeffords
|payroll-reporter.com|Last Updated: 11/21/2017
Queen's Park
Ontario's Liberal government will slash small business taxes as part of $500 million in new investments aimed at easing the transition to the province's increasing minimum wage. Shutterstock

TORONTO (CP) — Ontario's Liberal government will slash small business taxes as part of $500 million in new investments aimed at easing the transition to the province's increasing minimum wage.

Finance Minister Charles Sousa unveiled the government plan in the province's fall economic statement today.

The corporate tax rate for small businesses will fall from 4.5 per cent to 3.5 per cent effective Jan. 1, 2018, the same day the province will increase its minimum wage for workers to $14 an hour.

The government plan will eventually see the province's minimum wage increased to $15 an hour by Jan. 1, 2019.

Sousa says the government will also spend $124 million over three years to help companies with fewer than 100 employees who hire youths aged 15 to 29.

Sousa also says Ontario's 2018 budget will be balanced.

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