Ontario Gives Relief to Small Businesses
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Ontario Gives Relief to Small Businesses

Ontario Gives Relief to Small Businesses
 
 
Ontario Gives Relief to Small Businesses
 
 
The Supporting Small Businesses Act recently passed a second reading in the Ontario Legislature. Also known as Bill 105, the object of the legislation is to provide relief from the Employer Health Tax to small businesses, charities and not-for-profit entities.
 
 
The Bill, if reviewed again and passed before the House recesses for holidays in December, will increase the exemption from the Employer Health Tax for private sector employers from $400,000 to $450,000, beginning January 1, 2014. It is estimated that the effect of this legislation would be 60,000 employers paying less Employer Health Tax, each saving up to $975 annually, while 12,000 employers would no longer pay the tax at all, not to mention the savings of not having to file such a return.
The legislation would also eliminate the exemption currently in place for employers with over $5 million in payroll. Therefore, the larger employers paying the additional tax would effectively offset the cost of exempting smaller businesses from Employer Health Tax. Each year the Employer Health Tax raises about $5 billion in revenue for the province of Ontario.
 
 
 
 
 
 
 
 
 
 
 

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