Toronto, ON — The Ontario government is helping businesses by deferring select provincial taxes for six months, ending on Oct. 1.
The provincial government also announced it will provide $2 billion in Workplace Safety and Insurance Board (WSIB) surplus funds in response to the trade war between the U.S. and Canada.
This decision was applauded by the Canadian Federation of Independent Business (CFIB), which stated, “The Ontario government kept two of its most important campaign commitments on tariff mitigation to help small businesses. The measures come when our members need them most to deal with higher costs for goods and supplies, chronic lack of demand, and historically low confidence levels that negatively affect hiring plans.”
The CFIB adds that over eight in 10 small businesses in Ontario are directly or indirectly involved in importing or exporting goods to and from the U.S. The $2 billion in WSIB surplus funds will allow business owners to invest in their employees and operations.