Ontario Liberals Reducing Small Business Tax By 55 Per Cent

Lower Business Taxes Mean More Investments In Jobs, Training And Equipment

COBOURG, ON, Sept. 13, 2011 /CNW/ - Premier Dalton McGuinty today said the tax rate on new investment by small businesses will be reduced by 55 per cent.

"Ontario's economic strength depends on the strength of our businesses, large and small," said McGuinty. "That's why we're working with small businesses to free up some of their resources so they can invest back into themselves and grow even stronger."

Under the Ontario Liberal plan, when all the planned changes are fully implemented, the tax rate on new investment for small businesses will be reduced by 55 per cent.  This is good news for employers such as farms, retailers and smaller manufacturers.

"When small businesses succeed, we all succeed," said Northumberland-Quinte West Liberal candidate Lou Rinaldi. "Our small businesses bring a lot to our communities — good jobs, and great products — we're glad to work with all our small businesses to help them get ahead."

The Ontario Liberal platform, "Forward. Together." includes our next steps to help small businesses. We will:

  • Triple the number of successful start-ups in the next five years by providing incentives for risk capital
  • Enhance and increase support for young entrepreneurs, and for small and medium businesses to access new trade markets
  • Double the amount of Premier-led trade missions in the next mandate from four to eight
  • Create a new Southwestern Ontario Economic Development Fund and make the Eastern Ontario Development Fund and the Northern Ontario Heritage Fund permanent.

Ontario Liberals have already cut the business tax rate from 5.5 per cent to 4.5 — which will fall to 4.0 per cent under the Ontario Liberal Plan. 

"We're working to make Ontario the place to be when it comes to building your business," said McGuinty. "Tax credits, incentives and a workforce second to none are attracting investment and creating jobs in new and emerging sectors."

The Hudak PCs' $14 billion hole would also mean deep cuts to education, depriving us of the highly skilled workers who attract new business to Ontario. The Horwath NDP would introduce a crushing $9 billion in job-killing taxes.  Both would take Ontario off track at the worst time.

"Our bold plan is making Ontario an attractive place to invest, work, live and raise a family. Only Ontario Liberals have a plan to keep Ontario moving forward, together," said McGuinty.

SOURCE Ontario Liberal Party

For further information:

Ontario Liberal Party Media Office:
416 961-3800 ext. 328

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