Ontario Continues to Lead Nation in Job Creation
Strategic Economic Agreements to Create Opportunities and Jobs for Ontario
The Voice of Canada News:
TORONTO – Ontario’s government continues to deliver on its core commitment to create and protect good jobs as part of its plan to build Ontario together through a thriving and growing economy.
Statistics Canada announced this morning that employment in Ontario increased by 15,900 in January. Since June 2018, employment in Ontario has risen by 307,800.
“We’ve been working hard to create the best conditions for our job creators,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “It’s imperative that we create the conditions to make it faster, easier and more cost effective to do business in Ontario and we are seeing the positive results.”
The government’s efforts to reduce red tape and remove unnecessary business burden were recognized last month by The Canadian Federation of Independent Business (CFIB). Ontario received an A- on its 2020 Red Tape Report Card. The grade matches Ontario’s highest grade on the annual report card, achieved last year, that evaluates governments across Canada on their progress in easing regulatory burdens on job-creating businesses.
Ontario’s progress includes making it easier for community programs to provide food to those in need; conducting multiple inspections at once so truck drivers spend less time waiting and more time delivering goods or home with their families; and protecting seniors and families from drug shortages by easing burdens on drug makers. Throughout 2020, the government remains committed to continuing to find ways to reduce the regulatory burden on people and businesses.
Ontario has cut the small business Corporate Income Tax (CIT) rate by 8.7 per cent and reduced the rate to 3.2 per cent. Supporting small businesses is part of the government’s plan to attract investment and enable entrepreneurs and risk takers to grow their businesses and create high-paying, good quality jobs.
Small businesses have benefited from accelerated write-offs of capital investments as well as the government’s decision to not parallel a federal measure that would have increased taxes on some small businesses earning passive investment income.
These government actions are lowering costs for businesses in Ontario, allowing them to grow and create jobs, and creating a competitive environment to attract new investment. It is estimated that Ontario businesses could save $5.4 billion in 2020 through these actions.
“We are sending a message to Canada, and the world, that Ontario is committed to being open for business and open for jobs,” said Fedeli. “By reducing red tape and cutting small business taxes, we are giving job creators the tools they need to build a more prosperous Ontario.”
QUICK FACTS
Employment in Ontario grew by 210,200 in 2019.
Since 2011, the CFIB has published an annual Red Tape Report Card to hold Canada’s federal, provincial and territorial governments accountable for what CFIB’s surveys show is one of its members’ biggest headaches: excessive regulations.
Ontario will create the Premier’s Advisory Council on Competitiveness to work with business leaders and workers across the province to find ways to improve competitiveness and report back with recommendations.
