Supporting Small Businesses in Eastern Ontario
Ontario Government Fosters Regional Economic Growth to Create Jobs
Premier Kathleen Wynne visited Anchor Concrete in Kingston today, where she highlighted the government's commitment to supporting small businesses, allowing them to create more jobs and support regional economic growth.
The new 2013 Budget includes an increase to the Employer Health Tax (EHT) exemption, which would bring relief to small businesses and make it easier for them to hire new employees.
If the Budget bill is passed and proclaimed, the exemption would be increased from $400,000 to $450,000 beginning Jan. 1, 2014. This would have a positive impact for more than 60,000 employers across Ontario, including 12,000 that would no longer pay EHT.
The government is also supporting regional economic growth through initiatives such as the Eastern Ontario Development Fund (EODF) and the Southwestern Ontario Development Fund (SWODF), which support local companies, promote regional economic development and enhance Ontario's overall economic competitiveness.
Through the 2013 Budget, the government wants to create jobs and support regional economies, while helping people with their everyday lives.
- If the proposed Employer Health Tax exemption is implemented, 88 per cent of Ontario private sector employers would not pay EHT nor incur the compliance costs of filing an EHT return.
- Since it launched in 2008, the EODF has helped to create and protect more than 14,000 jobs in eastern Ontario. The EODF was made permanent in October, 2012.
- Following the success of the EODF, the government launched the Southwestern Ontario Development Fund in October, 2012. It has helped to create and protect 2,200 jobs.
“We want companies like Anchor Concrete to be able to hire new employees and keep driving Ontario’s economic growth. Increasing the Employer Health Tax exemption and investing in regional support programs like the EODF are an important part of our plan to help businesses expand and create more jobs.”
“We are focused on fostering a strong business environment with a competitive tax system. This will help small businesses across the province grow, create more jobs and ultimately strengthen Ontario’s economy.”
“Our government is working to make sure every part of this province can prosper. That’s why I’m pleased to be here with Premier Wynne to outline our government’s plan to support small businesses in Kingston and the Islands and across the province. We are doing everything we can to help people in their everyday lives.”