Ontario to slash small business tax by 1%
Ontario's Liberal government released a fall economic update Tuesday that included a tax cut for small businesses as an offset for a minimum wage that will rise to $14 an hour on Jan. 1, and $15 an hour the following year. Here are some highlights:
_ The corporate income tax rate for small businesses will be lowered from 4.5 per cent to 3.5 per cent on Jan. 1.
_ Small businesses with fewer than 100 employees that hire young workers (aged 15 to 29) will get incentives of $1,000 and another $1,000 for retaining that worker for six months.
_ Producers of locally grown fruits and vegetables will get $60 million in supports.
_ An apprenticeship training tax credit will be turned into a grant, giving employers $2,500 upon an apprentice's completion of both level one and level two, $3,500 for completion of levels three and four, and $4,700 when the apprentice gets certification.
_ The apprenticeship grant would be available to all trades eligible for the current tax credit, as well as in five additional trades: hairstylist, cook, horticultural/landscape technician, baker and appliance service technician.
_ The government will put $85 million toward mercury remediation in the English-Wabigoon River system, which has affected the Grassy Narrows community for decades, through a trust that will be set up in collaboration with First Nation communities.
_ Real GDP growth is forecasted to be 2.8 per cent this year, up from the 2.3 per cent projected in the spring budget.
_ Net-debt-to-GDP ratio is projected to fall to 37.3 per cent this fiscal year
_ Interest on debt, which is currently about $312 billion, is projected to grow from about $12 billion now to $13.3 billion in 2019-20.
_ A moderating housing market has left the government with about $300 million less in land transfer tax revenues since projections in the spring budget.
Akil Thomas, Andrew Bruder and Justin MacPherson were all listed Monday by NHL Central Scouting in their final draft rankings. Among North American skaters for the June NHL draft in Dallas, Thomas was number 15, with Bruder at 114 and MacPherson ranked 201st.
The IceDogs successful 2017-2018 season came to an end in Hamilton in a 4-2 road loss Thursday night. Team Captain and 5 year Niagara forward Johnny Corneil scored the goal that started a late IceDogs comeback in the third.
The IceDogs had their way with visiting Hamilton for 40 minutes Wednesday night but couldn't hold a one goal lead, falling 4-2 in game four on home ice. It was Hamilton's first regulation win against the IceDogs in 10 tries this season.