Workers, businesses and communities are creating new jobs and new opportunities across the province as the government's plan to create a more competitive business environment and make Ontario open for jobs continues to deliver results.
Statistics Canada announced this morning that employment in Ontario changed by 3,200 in February, including an increase of 14,800 in the manufacturing sector. Since June 2018, employment in Ontario has risen by over 300,000.
“Ontario continues to be an island of stability amidst a sea of global uncertainty,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Our government is creating an open for business climate that is building a strong, resilient economy to benefit businesses, workers and families in every corner of the province.”
The government has recently launched a Regional Development Program for eastern and southwestern Ontario. This program supports eligible small- and medium-sized businesses investing in new equipment and training to expand operations. Eligible applicants may also receive financial support and advisory services to help navigate other government programs, such as guidance on approvals, assistance with skills and talent, and information on available tax credits.
According to Stokes Economics, eastern and southwestern Ontario accounted for over $184 billion or more than 23 per cent of Ontario's economy in 2018. The Ontario government is committed to growing Ontario's regional economy and creating good jobs in communities right across the province.
Ontario has also cut the small business Corporate Income Tax (CIT) rate by 8.7 per cent and reduced the rate to 3.2 per cent. Supporting small businesses is part of the government's plan to attract investment and enable entrepreneurs and risk takers to grow their businesses and create high-paying, good quality jobs.
Small businesses have benefited from accelerated write-offs of capital investments as well as the government's decision to not parallel a federal measure that would have increased taxes on some small businesses earning passive investment income. It is estimated that Ontario businesses could save $5.4 billion in 2020 through these actions.
“The steps we are taking demonstrate our ongoing commitment to supporting our entrepreneurs and risk takers,” said Minister Fedeli. “Our government will continue to build on our progress so we can attract more investment and create even more jobs.”
- Employment in Ontario grew by 210,200 in 2019.
- Ontario is leading a business mission to Peru and Ecuador in April 2020 to promote Ontario’s world-class mining sector and drive export opportunities for Ontario’s mining companies.
- In the coming months, the government will be consulting with small business owners and organizations to shape the development of Ontario’s Small Business Success Strategy, which will ensure small businesses across the province have what they need to reach their goals and set them up for success in the years to come.