The Ontario government is proposing to give municipalities the flexibility to target property tax relief to small businesses. The province is also considering matching these reductions, which would provide small businesses with as much as $385 million in municipal and provincial property tax relief. This initiative is part of the 2020 Budget, Ontario’s Action Plan: Protect, Support, Recover.
Details were provided today by Premier Doug Ford, Rod Phillips, Minister of Finance, Prabmeet Sarkaria, Associate Minister of Small Business and Red Tape Reduction, and Stan Cho, Parliamentary Assistant to the Minister of Finance.
“Small businesses are the backbone of Ontario’s economy, but many have been suffering through the pandemic and struggling to stay on their feet,” said Premier Ford. “Our municipal partners came to us with an idea to provide more support for small businesses through property tax relief, and in our fall budget, we delivered. Our government is also helping small business owners by eliminating unfair taxes on jobs and lowering the Business Education Tax.”