On November 14, 2017 the Government of Ontario announced its fall economic update. Key measures include:
- A reduction in the corporate small business income tax rate from 4.5% to 3.5% on Jan. 1, 2018.
- An increase in the minimum wage from $11.60/hour to $14/hour.
- The replacement of the Apprenticeship Training Tax Credit with the Graduated Apprenticeship Grant (provides grants to employers when apprentices complete levels of training).
- The provision of a financial incentive to employers with fewer than 100 employees who hire young workers age 15-29.
- The launch of Small Business Access to ease small business interaction with the government through phone and online services.
For more information on changes to the Apprenticeship Training Tax Credit, click here.
For more information on the 2017 Ontario Economic Outlook and Fiscal Review, click here.