TORONTO — Statistics Canada has announced that employment in Ontario increased by 15,400 in November. Since June 2018, employment in Ontario has risen by 271,600.
“Our role as government is to lower the cost of doing business to make Ontario open for business, open for jobs and open for trade,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “That is why our government is committed to cutting red tape and taking concrete steps to create a competitive business landscape that will create jobs across the province.”
The Ontario government is proposing to pass a package of over 80 proposed actions to eliminate unnecessary or outdated rules and streamline regulations that need updating. The Better for People, Smarter for Business Act, along with regulatory changes, will simplify and modernize regulations that we need, while eliminating requirements that are outdated or duplicative, making regulatory processes more efficient for business and better for people.
The government is also proposing to reduce the small business tax rate by 8.7 percent as of January 1, 2020. If passed, this would provide tax relief of up to $1,500 annually to over 275,000 businesses that benefit from the small business Corporate Income Tax rate – from family-owned shops to innovative start-ups.
“Ontario is heading in the right direction,” said Fedeli. “We are giving businesses the tools they need to lay the foundation for economic growth that will benefit workers and job creators alike.”
- Since taking office in June 2018, Ontario has seen an increase of 85,300 in self-employment.
- Minister Fedeli led a successful business delegation as part of a trade mission to India last month. This followed another successful business mission to South Korea and Japan in October.
- A number of significant 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 would save $5.4 billion in 2020 through these actions.
- Ontario has launched the Job Site Challenge to identify shovel-ready mega-sites where automakers or other advanced manufacturers could build a large plant that would create thousands of direct and supply-chain jobs.
- The government has launched a new Regional Development Program for eastern and southwestern Ontario. Businesses can get financial support through the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) and guided access to a range of complementary services and supports.
- Over the coming months, the government will be consulting on ways to encourage investment into rural and undercapitalized areas of the province with the goal of restoring Ontario’s competitiveness and allowing the private sector to create jobs and growth.
- The government will consult with industry and business leaders in the coming months to better identify the needs of small businesses and inform the development and implementation of an Ontario Small Business Success Strategy.
- 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 actionable recommendations.