Ont. Government Announces $8B Tax Cut To Support Investment And Create Jobs
The province says the new tax cut will deliver about $8 billion in relief over five years and support an estimated 30,000 new jobs.
- On Wednesday, Finance Minister Peter Bethlenfalvy announced the "Ontario Competitiveness Tax Cut," allowing businesses to write off 100 per cent of capital investment costs including machinery, software, and equipment.
- The provincial measure aligns with Prime Minister Mark Carney's federal productivity deduction program announced in September, which last year allowed businesses to deduct 100 per cent of machinery and technology costs.
- Bethlenfalvy stated the initiative provides about $8 billion in tax relief over five years and supports an estimated 30,000 new jobs while lowering Ontario's marginal effective tax rate to 3.6 per cent.
- Speaking at the MaRS Discovery District in Toronto, Bethlenfalvy said the cut creates "significant opportunities for our economy" amid U.S. tariffs, positioning Ontario as a competitive destination for business investment.
- Ahead of Thursday's fall economic statement, the provincial government introduced this measure as part of Ontario's multi-year Tax Action Plan to help businesses adapt amid shifting global trade patterns.
19 Articles
19 Articles
Ont. Government Announces $8B Tax Cut To Support Investment And Create Jobs
Eligible businesses would be able to immediately write off 100 per cent of the value of a wide range of capital investments, including fibre-optic cable, software, aircraft and certain vehicles, patents, rail track, machinery and equipment, bridges and roads.
Ontario matches feds’ tax perk for businesses on capital investments – 105.9 The Region
TORONTO — Ontario is matching the federal government’s recent move to give businesses a tax break on capital investments. Finance Minister Peter Bethlenfalvy made the announcement ahead of the Thursday’s fall economic statement. Last year, Prime Minister Mark Carney and the federal government allowed businesses to immediately deduct 100 per cent of the cost of some investments, such as machinery, equipment and technology, which applied to about …
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