In a recent CFIB survey, addressing the rising cost of doing business and reducing the overall tax burden came in as the top two Ontario small business priorities for the provincial government heading into 2024.
That’s why our 2024 Pre-Budget Submission is called “The Cost of Doing Business” and why these are some of our key pre-budget recommendations:
- Transition from a “do no harm” approach of just not introducing any new costs or administrative burdens on small businesses to a “do” approach of also providing small businesses with tax relief.
- Increase the small business deduction threshold to at least $700,000 and index the threshold to inflation annually.
- Gradually lower the small business tax rate to 0%, beginning with a reduction to 2%.
- Tie the Employer Health Tax exemption threshold to inflation annually and increase it to $2.25 million.
Read the full document here and all CFIB recommendations listed under these headings: Cost of Doing Business Remains High/Taxes, Labour Challenges, Red Tape, Internal Trade, Energy, Construction Mitigation, and Recycling.
In addition to sharing our pre-budget written submission with many elected officials at Queen’s Park, we also appeared before committee. See Ryan Mallough’s presentation to the Standing Committee on Finance and Economic Affairs here.
Ontario is expected to release its next budget before the end of March 2024. Please stay tuned for information on what’s in the budget for the province’s small businesses!
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