Ontario's Open for Jobs Plan Working
Creating and Protecting Good Jobs Remains Top Priority
TORONTO - The government's balanced and prudent plan to build Ontario together is working - creating more jobs, putting more money in people's pockets, making our communities healthy, our streets safe, our commutes shorter and our government smarter.
Since June 2018, employment in Ontario has risen by 256,200.
"The government has a plan to create an environment that attracts investment and encourages entrepreneurs to grow their businesses and create high-paying, good quality jobs in Ontario, and we are seeing the results of that," said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. "But we know there is more we can do to make doing business in the province faster, easier and more cost-effective."
The Ontario government recently announced a package of over 80 proposed actions to eliminate unnecessary or outdated rules and streamline regulations that need updating. If passed, the Better for People, Smarter for Business Act, along with regulatory changes, will simplify and modernize regulations that we need, while eliminating requirements that are outdated or duplicative, making regulatory processes more efficient for business and better for people.
The government is also proposing to reduce the small business tax rate by 8.7 per cent as of January 1, 2020. If passed, this would provide tax relief of up to $1,500 annually to over 275,000 businesses that benefit from the small business Corporate Income Tax rate - from family-owned shops to innovative start-ups.
Also, as part of the government's plan to create a more competitive business environment, the government is proposing to form the Premier's Advisory Council on Competitiveness. With support from Minister Fedeli, the Council will consult with Ontario business leaders, speak directly with private sector workers, and leverage lessons from peer jurisdictions to understand how to improve Ontario's competitiveness.
"We need to help businesses remain competitive, so they can grow the economy and create good jobs," said Fedeli. "By supporting our job creators, we are laying the foundation for a growing economy that will benefit Ontario families and businesses."
- A number of significant government actions are lowering costs for businesses in Ontario, allowing them to grow and create jobs, and creating a competitive environment to attract new investment. It is estimated that Ontario businesses would save $5.4 billion in 2020 through these actions.
- The government has launched a new Regional Development program for eastern and southwestern Ontario. Businesses can get financial support through the Eastern Ontario Development Fund (EODF) and Southwestern Ontario Development Fund (SWODF) and guided access to a range of complementary services and supports.
- Over the coming months, the government will be consulting on ways to encourage investment into rural and undercapitalized areas of the province with the goal of restoring Ontario’s competitiveness and allowing the private sector to create jobs and growth.
- The government launched a redesigned version of the Francophone Community Grants Program. The program aims to improve Francophone front‐line services for small businesses to better serve their French‐speaking clients and partners. The government has added an economic development and job creation component to the program, inviting Francophone entrepreneurs to submit applications for projects.
- Ontario’s Open for Business Action Plan has set a target of reducing the cost of complying with regulations affecting businesses by $400 million annually by 2020 to help business keep, grow and create good jobs.
- The Driving Prosperity strategy identified a Job Site Challenge as an opportunity to help create a competitive business environment and put the province back on the short-list of candidates for major upcoming automotive and advance manufacturing investments. It will identify large tracts of shovel-ready land and allow for plant construction to begin in an expedited manner through streamlined, one-window land development approvals.
- Minister Fedeli will lead a business delegation as part of a trade mission to India this month. As part of the government’s recent trade mission to South Korea, the government announced two new agreements that will further Ontario’s trade relationship with South Korea.