Ontario is supporting growth and lowering costs for small businesses in communities across the province. About one‐third of Ontario workers are employed by small businesses, which have always been significant contributors to the success of the provincial economy.
As part of the 2017 Ontario Economic Outlook and Fiscal Review, the Province announced more than $500 million in new initiatives over the next three years to lower costs and support small businesses in Ontario. This included a 22 per cent cut to the small business Corporate Income Tax rate, from 4.5 per cent to 3.5 per cent.
Combined federal tax, the total rate will be reduced from 15% to 12.5% with small business limit for eligible income.
As part of the 2017 Ontario Economic Outlook and Fiscal Review, the Province announced more than $500 million in new initiatives over the next three years to lower costs and support small businesses in Ontario. This included a 22 per cent cut to the small business Corporate Income Tax rate, from 4.5 per cent to 3.5 per cent.
Combined federal tax, the total rate will be reduced from 15% to 12.5% with small business limit for eligible income.