Last Thursday Rocco Rossi, President and CEO of the Ontario Chamber of Commerce (OCC) released the following statement in response to the Fall Economic Statement, 2018 Ontario Economic Outlook and Fiscal Review, released by the Ontario government this afternoon.
“In today’s statement, we are pleased to see the Government of Ontario taking reasonable steps to build a more prosperous Ontario with a strong focus on fiscal accountability and cutting cumulative red tape. On behalf of our 60,000 members in 135 communities across the province, we have long called on the government to reform Ontario’s tax system, reduce red tape, and restore fiscal sustainability to the Ontario taxpayer.
“We agree with the decision that the Government of Ontario will not proceed with the prior government’s initiative that would have taxed the so-called “passive” income for thousands of businesses across the province. This would have greatly increased taxes for thousands of employers in Ontario.
“We also applaud the government for increasing the amount of payroll that is exempt from the Employer Health Tax. This is a reasonable step in the right direction. Our members are also supportive of some of the government’s other key priorities, such as their commitment to:
● Cutting red tape by 25 percent by 2022;
● Implementing tax reforms for small businesses;
● Expanding broadband to rural and underserved communities across Ontario;
● Reviewing electricity costs for industrial users; and
● Investing in both the Ring of Fire and transportation infrastructure in Northern Ontario.
“Combined, these are fundamental steps towards a more competitive and prosperous economy. Ontario is strongest when industry and government work together and we look forward to working with the government in support of businesses of all sizes, in every corner of the province.”