Chamber welcomes small business tax cut in Ontario’s budget
The North Bay & District Chamber of Commerce says tax relief for small businesses detailed in last week’s provincial budget will help them invest, grow, and absorb ongoing cost pressures.
The government is reducing the small business corporate income tax rate from 3.2 per cent to 2.2 per cent.
“This is a positive step and one that Chambers have been advocating for,” says Donna Backer, Chamber CEO. “For many small businesses operating on tight margins, this kind of tax relief can make a real difference when it comes to reinvesting, hiring, and staying competitive.”
However, the Chamber adds the tax cut does not fully offset the ongoing pressures businesses are facing, including rising operational costs, labour shortages, and continued economic uncertainty.
Officials are reinforcing the need for continued action to reduce red tape, simplify the tax system, and ensure small and medium-sized businesses are supported as they scale and compete.
Other investments being welcomed by the Chamber include:
– Accelerated write-offs for machinery and equipment
– Removal of the provincial portion of HST on new homes
– Broader investments in infrastructure, post-secondary education, energy and advanced technology
“Investments that strengthen our workforce and support innovation are critical, especially in Northern Ontario,” says Backer. “Ensuring businesses have access to talent and the tools they need to grow is essential to building a resilient regional economy.”
The Chamber says it will continue to work with provincial partners to advocate for policies that support local businesses and strengthen the local economy.
Richard Coffinhttps://www.mynorthbaynow.com/Richard Coffin has been a reporter and news anchor on the radio in North Bay for over 25 years. From premiers to people in the neighbourhood, he enjoys connecting with newsmakers and writing stories that matter to area listeners on a variety of topics including healthcare, education, politics, sports and more.
