For immediate release:
November 18, 2024
QUEEN’S PARK— MPP Bobbi Ann Brady is disappointed the PC government voted against one of her opposition colleagues’ Bill 195, Cutting Taxes on Small Businesses Act, 2024. Bill 195 would provide tax relief for Ontario’s small businesses by cutting the effective small business tax rate in half, from 3.2 per cent to 1.6 per cent, and by increasing the income threshold for this deduction from $500,000 to $600,000. It would have come into effect on January 1, 2024, and saved small businesses up to $17,900 annually.
MPP Stephanie Bowman’s Bill 195 is similar in spirit to Brady’s July 2024 petition to the Ontario government to immediately increase the small business tax rate deduction threshold to $700,000, index it to inflation annually, and reduce Ontario’s small business tax rate from 3.2 per cent, beginning with an immediate reduction to at least 2 per cent with a goal of reaching zero.
“It disappoints me that an ostensibly fiscally conservative and business-friendly government would vote against a bill that would help small business during these economically challenging times,” Brady said. “Small business is a big deal in Ontario. They employ over three million people, that’s two thirds of private sector workers. Why the PC government wouldn’t give them more opportunity to prosper and expand is beyond me.”
MPP Bowman’s bill had support from the CFIB, Canadian Federation of Independent Business, who have also been in regular contact with Brady over the past two years informing her of concerns and actionable strategies that would help small business.
“I voted in favour of MPP Bowman’s bill because it’s a good idea that would help small business across Ontario and Haldimand-Norfolk,” Brady said. “I always say ‘no party or politician has a monopoly on a good idea.’ I wish PC MPPs had my freedom as an independent to vote for good ideas from either side of the Chamber.”
Brady echoes MPP Bowman’s comments the Fall Economic Statement was the chance to do small business right. Alas, small business was rarely mentioned, and no new tax cuts were to be found for them. Also, according to a recent CFIB survey, roughly three quarters of respondents listed a high tax burden as the reason they would argue against someone starting a new business here. Along with Quebec, Ontario now has the highest small business tax rate in the country despite previously lowering it from 3.5 per cent to 3.2 per cent.
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For more information, contact MPP Bobbi Ann Brady at [email protected] or 519-428-0446