The Ontario government is proposing to give municipalities the flexibility to cut property taxes for small businesses.
Premier Doug Ford says the province is also considering matching the reductions, which would provide small businesses with as much as $385 million in municipal and provincial property tax relief.
Ontario releasing an example saying for many employers, it will mean a reduction of 30 per cent.
Taken together, these property tax measures could mean a business like a bakery shop in Toronto could receive $5,000 in municipal tax relief and $4,000 in provincial property tax relief if the local government applies a 30 per cent discount with the proposed new small business property subclass.
"Small businesses are the backbone of Ontario's economy, but many have been suffering through the pandemic and struggling to stay on their feet," said Premier Ford. "Our municipal partners came to us with an idea to provide more support for small businesses through property tax relief, and in our fall budget, we delivered. Our government is also helping small business owners by eliminating unfair taxes on jobs and lowering the Business Education Tax."