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News Details
March 26, 2009ONTARIO BUDGET 2009: MAKING ONTARIO MORE COMPETITIVE FOR TRADEOntario's 2009 Budget, announced on March 26, proposes $4.5 billion in tax cuts for businesses over three years, making Ontario more competitive among its trading partners.
Once fully implemented, the comprehensive tax reform package would cut Ontario's marginal effective tax rate on new business investment in half, making Ontario one of the most competitive jurisdictions in the industrialized world for new investments.
Starting July 1, 2010, Ontario would:
- Cut the general Corporate Income Tax (CIT) rate from 14 per cent to 12 per cent and reduce the rate to 10 per cent by 2013
- Cut the CIT rate for small businesses from 5.5 per cent to 4.5 per cent
- Cut the CIT rate for manufacturing and processing - helping businesses including farming, fishing, mining and logging - by 16.7 per cent, from 12 per cent to 10 per cent
- Eliminate the CIT small business deduction surtax, making Ontario the only Canadian jurisdiction that would eliminate this barrier to growing small businesses
- Exempt more small and medium-sized businesses from the Corporate Minimum Tax (CMT) and cut the CMT rate from 4 per cent to 2.7 per cent.
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