The CFA applauds the current Ontario government for holding the line on taxes since coming to power in 2018, especially during the difficult pandemic years of 2020-2022.
Budget 2023, introduced in March 2023, contains no new taxes or spending cuts. Rather the emphasis continues to focus on services and projects designed to get Ontarians working again and re-establishing the economic engine of the country, including the phase-out of pandemic incentives.
Taxes play a significant role in shaping the broader competitive environment for entrepreneurs, especially small business owners; the value of small businesses cannot be underestimated.
That the Ontario government continues its work to maintain a low corporate income tax rate and enhance tax credits to help small business owners, particularly franchisees, thrive.
Government needs to provide the right economic climate and smart tax structures for entrepreneurs to have the best chance at surviving and succeeding. Keeping corporate and small business tax rates low and exploring additional tax incentives for entrepreneurship, like opening a new franchise location, can provide the best opportunity for small businesses to succeed and resume their role as an economic engine for the province.