Page 6 - 2104 Ontario Budget - Ontario Jobs and Economy Plan
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ONTARIO IS Small and medium-sized businesses account for more than 60% of SUPPORTING private-sector jobs. Ontario is supporting this critical sector, and helping it remain competitive, by: VITAL SMALL • Saving 60,000 smaller employers up to $975 per year by raising the BUSINESSES Employer Health Tax exemption to $450,000 from $400,000 of annual Ontario payroll. • Maintaining a low Corporate Income Tax rate for small business at 4.5%, a full seven percentage points below the general rate to help SMALL AND MEDIUM-SIzED BUSINESSES ACCOUNT FOR MORE ThAN 60% OF them grow, reinvest and create jobs. PRIVATE-SECTOR JOBS INCREASING This will help businesses save millions of hours and $100 million in Each year, the government will further reduce red tape for business. PRODUCTIVITY costs by 2016–17. BY CUTTING RED TAPE SINCE 2008, ONTARIO HAS ELIMINATED 80,000 UNNECESSARY REGULATORY REQUIREMENTS 5 ONTARIO JOBS AND ECONOMY PLAN
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