Highlights from Ontario’s fall economic statement
TORONTO — Ontario’s Liberal government released a fall economic update Tuesday that included a tax cut for small businesses as an offset for a minimum wage that will rise to $14 an hour on Jan. 1, and $15 an hour the following year. Here are some highlights:
— The corporate income tax rate for small businesses will be lowered from 4.5 per cent to 3.5 per cent on Jan. 1.
— Small businesses with fewer than 100 employees that hire young workers (aged 15 to 29) will get incentives of $1,000 and another $1,000 for retaining that worker for six months.
— Producers of locally grown fruits and vegetables will get $60 million in supports.