The Ontario government is ready to provide relief to businesses and industries being impacted and facing economic uncertainty from U.S. tariffs.
This will include tax deferrals and some cash incentives for several economic sectors including the mining industry, said a news release from the Premier's office on Monday. The price tag on the relief plan is estimated at roughly $11 billion, said a government news release.
“In the face of President Trump’s attacks on Ontario’s economy, our government will do whatever it takes to protect Ontario workers and businesses. Today’s measures will help give workers and businesses the support they need in the face of growing economic uncertainty,” said Ontario Premier Doug Ford in a news release.
“We can’t control President Trump, but we’re in full control of the kind of future we build for ourselves. The best way to protect Ontario is to build the most competitive economy in the G7, breaking down internal trade barriers and diversifying our trade so we can build a more resilient, prosperous and secure province."
Ontario's plan is to defer provincially administered taxes for six months from April 1 to Oct. 1, said the government release. This should give businesses and job creators approximately $9 billion worth of cash flow they need to keep workers employed and weather the economic turmoil, said the province.
The province said it would take several steps to ease the burden.
Effective April 1, Ontario is granting relief to businesses remitting taxes under Ontario’s 10 business-focused tax programs, including the Mining Tax, the Employer Health Tax, Insurance Premium Tax, Gasoline Tax, Fuel Tax, Tobacco Tax, International Fuel Tax Agreement, Beer, Wine & Spirits Tax, the Retail Sales Tax on Insurance Contracts and Benefit Plans and the Race Tracks Tax.
The province said the tax deferrals and relief would add up to $9 billion in cash flow support to about 80,000 Ontario businesses by offering six months of interest and penalty relief, allowing them to delay payments temporarily for select provincially administered taxes.
All taxes owed must be paid by Oct. 1, said the province.
Through the Workplace Safety and Insurance Board (WSIB), Ontario will issue a further $2 billion rebate for safe employers to support businesses and help keep workers on the job, in addition to the previous $2 billion rebate distributed in March.
To protect Ontario’s economy, the government said it will deliver on its mandate to break down internal trade barriers, make the province’s economy the most competitive in the G7, including by speeding up timelines and approvals for development, as well as diversifying trading partners and helping businesses if they need to retool and retrain workers for new customers in new markets.
