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06
Apr

Rescind Small Business Tax Increases from 2018 Ontario Budget: Ontario Chamber of Commerce

Business community warns new taxes will weaken already low business confidence

The Windsor-Essex Regional Chamber of Commerce (WERCC), along with the Ontario Chamber of Commerce (OCC) and the province’s Chamber Network in 135 communities, is calling on the Ontario Government to remove two proposed tax reforms that will cost employers nearly half a billion dollars in new taxes from the 2018 budget.

Last week, the Ontario Government announced in the 2018 budget that they will harmonize with the federal government’s eligibility criteria leaving over 20,000 employers paying $100 million more in Employment Health Tax over the next three years. In addition, businesses will be phased out of the small business deduction if they earn between $50,000 and $150,000 of passive investment income in the taxation year, resulting in an additional $350 million in new taxes for Ontario businesses over the next three years.

“At a time when industry in Ontario is feeling the impact of the cost of doing business in Ontario, including the rising cost of electricity, cap and trade, significant labour reforms, border and trade risk, US tax reform, and increasing global and US, we need Government to reduce the cumulative burden not add to it,” – Matt Marchand, WERCC President & CEO

While the near-term deficit is projected to be less than one percent of the GDP, this comes at a time when the economy is relatively strong. The budget also projects slower GDP growth on the horizon due to global factors.

Despite this caution, the Chambers support smart investments announced in the Budget such as regional economic development funding, new dollars for public transit, $500 million for broadband infrastructure, and additional resources for apprenticeship and skills development.

The impetus for much of the new social spending proposed by the Ontario Government is to address the notion that prosperity is not being shared. Budget 2018 demonstrates that there is no rise in precarious work.

As the Budget notes, of the more than 800,000 net new jobs created since the recession, the majority were created in industries that pay above-average wages, in the private sector, and as full-time positions.

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Guest Writer