Last week the Ontario government presented the Fall Economic Statement, 2018 Ontario Economic Outlook and Fiscal Review. The Chamber applauds the government for the steps it is taking to build a more prosperous Ontario with a strong focus on fiscal accountability and cutting cumulative red tape.
The Sarnia Lambton Chamber of Commerce and the Ontario Chamber Network have long called on the government to reform Ontario’s tax system, reduce red tape, and restore fiscal sustainability to the Ontario taxpayer.
We agree that the Government of Ontario will not proceed with the prior government’s initiative that would have taxed the so-called “passive” income for thousands of businesses across the province. This would have greatly increased taxes for thousands of employers in Ontario.
We also applaud the government for increasing the amount of payroll that is exempt from the Employer Health Tax. This is a reasonable step in the right direction. Our members are also supportive of some of the government’s other key priorities, such as their commitment to:
- Cutting red tape by 25 percent by 2022;
- Implementing tax reforms for small businesses;
- Expanding broadband to rural and underserved communities across Ontario;
- Reviewing electricity costs for industrial users; and
- Investing in both the Ring of Fire and transportation infrastructure in Northern Ontario.
Combined, these are fundamental steps towards a more competitive and prosperous economy. Ontario is strongest when industry and government work together and we look forward to working with the government in support of businesses of all sizes, in every corner of the province.
For more information, read the Ontario Chamber of Commerce’s Rapid Policy Update: