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Ontario Budget 2024

Ontario Budget 2024 – What Do You Need to Know?

On March 26th, the Ontario provincial government released its budget for the 2024-2025 fiscal year. Not sure what the new budget means for your small business? gbtlaw has you covered:

  • Eligibility for the preferred small business corporate tax rate of 3.20% will be expanded.
  • Workplace Safety and Insurance Board (WSIB) premium rates will be cut without reducing benefits, leading to a reduction in payroll costs for businesses.
  • The Employer Health Tax (EHT) exemption will be increased from $490,000 to $1,000,000. Increasing the EHT exemption will help businesses by reducing the tax for eligible private-sector employers on their total Ontario payroll.
  • Businesses will be allowed to accelerate write-offs of capital investments for income tax purposes.
  • Increased funding for Ontario’s Small Business Enterprise Centres (SBECs). SBECs provide entrepreneurs with useful support services needed to start and successfully scale their small businesses.
  • The Starter Company Plus program will receive additional investments of $6.8 million over the next 2 years. Through the Starter Company Plus program, eligible entrepreneurs will receive a $5,000 grant. This additional investment will allow an additional 500 entrepreneurs to receive this grant.

gbtlaw will continue to monitor the rollout of these announcements. If you have any questions about how the Ontario Budget 2024 will impact your small business, please contact one of our business law professionals.


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