“So many people have done so much to protect and support each other, it’s truly amazing.”.
The government is also acting immediately to reduce taxes for job creators and level the playing field by lowering high provincial business property tax rates to a rate of 0.88 per cent for over 200,000 properties — or 94 per cent of all business properties in the province. This means a family with three young children, one of whom has special needs, would receive $1,300 in 2020. Our government has a responsibility to remove barriers to the growth necessary for job creation. To protect loved ones in long-term care from a second wave of COVID-19, and to address long-standing issues in the system, Ontario is providing over half a billion dollars to enable necessary renovations and measures to improve infection prevention and control, allow for the purchase of more personal protective equipment (PPE), and to build a strong health care workforce. Seniors would be eligible regardless of their incomes and whether they owe income tax for 2021. Ontario In March, Ontario was the first in Canada to release a fiscal outlook that reflected the impacts of the COVID-19 crisis. “It may be difficult to think about the future while still dealing with a global pandemic, but if we all do our part, COVID-19 will eventually be behind us. “Our government is providing the necessary help and support for individuals, families and businesses in Oxford during the COVID-19 outbreak and beyond,” said Ernie Hardeman, MPP for Oxford. “All of us in Ontario are focused on getting through COVID-19,” said Minister Phillips.
Ontario’s economic growth is expected to continue after 2021, with real GDP projected to rise 3.5 per cent in 2022 before moderating to 2.0 per cent growth in 2023.
Ending a tax on jobs for an additional 30,000 employers by proposing to make permanent the Employer Health Tax (EHT) exemption increase from $490,000 to $1 million.
RecoverWhile COVID-19 will impact Ontario and the entire world for the foreseeable future, the 2020 Budget begins to build the foundation for a strong economic recovery fuelled by growth.
It also presents alternative scenarios demonstrating how the province’s fiscal outlook could change depending on the pace of the economic recovery. Family members who live with them and support them would also be eligible.
Ontario’s Action Plan now sets out a total of $45 billion in support over three years to make available the necessary health resources to continue protecting people, deliver critical programs and tax measures to support individuals, families and job creators impacted by the virus, and lay the groundwork for a robust long-term economic recovery for the province. Family members who have a senior living with them would also be eligible.
The 2020 Budget provides transparency amidst a world of uncertainty, by outlining a flexible medium-term fiscal plan based on the latest economic projections. We will continue to lead the way among the Provinces and will continue to work with our Federal partners. The province is also ending a tax on jobs for an additional 30,000 employers by proposing to make permanent the Employer Health Tax (EHT) exemption increase from $490,000 to $1 million. This would provide small businesses as much as $385 million in total municipal and provincial property tax relief by 2022-23, depending on municipal adoption.
The Ontario government remains committed to supporting job creators through this unprecedented time.
WOODSTOCK – Today, Finance Minister Rod Phillips released Ontario’s Action Plan: Protect, Support, Recover – the next phase of a comprehensive action plan to respond to the serious health and economic impacts of COVID-19.