Ontario Finance Minister Dwight
Duncan announced on Tuesday that plans for corporate tax cuts will be put on
hiatus until the province can get back on track with its debt.
Businesses were looking forward
to a drop from the current corporate rate of 11.5% down to 10%. They will now
have to wait at least five years for any chance at seeing those cuts take
shape.
As the Liberals look to balance
the ledgers by 2018, businesses that were counting on a tax break need to find
other ways to save cash for the near future.
Will this news cause significant
hardship for your business?
See below for an
excerpt from the article.
* * * * *
By Romina Maurino, The Canadian Press,
thecanadianpress.com, Updated: March 27, 2012 8:08 PM
Ontario delays cut to corporate tax rates
It's a move Finance Minister Dwight Duncan called necessary,
and one he said will put $1.5 billion in government coffers over three years.
The budget also promised to save $250 million by merging
many business support programs into a Jobs and Prosperity Fund, as well as
freeze scheduled decreases in business education taxes, again until the budget
is balanced, for an additional $300 million in savings.
Duncan said he spoke with various business leaders and they
"recognize that the business community has to make its contribution."
"We have made Ontario a more attractive place for
businesses to invest and create new jobs," Duncan told the legislature
while delivering his budget.
"So we are asking business to do its part to help
Ontario balance its budget."
View the full article here at MSN Money Canada
Source URL: http://money.ca.msn.com/investing/news/business-news/ontario-delays-cut-to-corporate-tax-rates
No comments:
Post a Comment