Ontario Budget Targets Boosting Economy

With an uncertain economy ahead, the government of Ontario has released its 2023 budget with a targeted approach to help people and businesses today while laying a strong fiscal foundation for future generations, says Peter Bethlenfalvy, minister of finance. The budget focuses on helping business and small business. It is intended to improve competitiveness by planning to enable an estimated $8 billion in cost savings and support for some Ontario employers in 2023, with $3.6 billion going to small businesses. That includes expanding access to the small business Corporate Income Tax rate by increasing the phase-out range. This would provide Ontario’s small businesses with additional Ontario income tax relief of $265 million from 2022/23 to 2025/26. As well, Ontario will launch the Ontario Made Manufacturing Investment Tax Credit, which would provide a 10 per cent refundable Corporate Income Tax credit to help local manufacturers lower their costs, invest in workers, innovate, and become more competitive.