As expected, the Wynne government’s announced the tax rate for small businesses will fall from 4.5% to 3.5% January 1, 2018, the same day the minimum wage will rise to $14-an-hour.
Finance Minister Charles Sousa’s fall economic statement stressed the importance to help small businesses cope with the change that’ll see the minimum wage go up to $15-an-hour in January 2019.
The reduction in the tax rate is part of a $500-million plan over the next three years for those companies with fewer than 100 employees, including $124-million to hire and retain workers under 30.
Tory Finance Critic Vic Fedeli says the moves represents ”nothing more than a pre-election Hail Mary pass from an out of touch government, saying anything to cling to power.”
P.C. Leader Patrick Brown will have more to say when he joins Zoomer Radio’s ”Fight Back” with Libby Znaimer Wednesday from 12:30pm-1pm.