Ontario’s Action Plan: Responding to COVID‑19 outlines the first steps in the Province’s plan to tackle the COVID‑19 outbreak. The action plan will provide $3.3 billion in additional health care resources, $3.7 billion to support people and jobs, and measures that will make available up to $10 billion in support for people and businesses through tax and other deferrals to improve their cash flows, helping protect jobs and household budgets. Read it here.
Business supports include:
– Allowing employers to defer payments to the Workplace Safety and Insurance Board (WSIB) for up to six months
– Increasing the Employer Health Tax (EHT) exemption to $1 million
– Providing a five-month interest and penalty-free period for business to make payments for the majority of provincially administered taxes
– Supporting regions lagging in employment growth with a proposed new Corporate Income Tax Credit, the Regional Opportunities Investment Tax Credit.