Budget & Economy Tax Cuts

Reduce small business tax rate by 8.7% (from 3.5% to 3.2%) in their first budget

Jan 2020

Small Business Corporate Income Tax Rate Cut Benefits More Than 275,000 Businesses

Ontario Newsroom January 06, 2020

While it wasn't technically in the first budget, it was implemented in that same budget year regardless as a result of the better-than-expected fall economic statement. That's close enough to consider this as achieved.

Jun 2019

Ontario Budget 2019: Chapter 1, Section D: Open for Business, Open for Jobs

Ontario Budget June 11, 2019

The budget reaffirms the government's commitment to reduce the small business tax rate by 8.7%, but it did not do so in the budget nor provide any timelines for when that cut will be made. Because the reduction wasn't in the first budget as promised, the commitment is broken.