Ontario offers $11 billion in relief to businesses stung by U.S. tariffs
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Ontario businesses will see select provincial taxes deferred for six months, which Premier Doug Ford says will give them about $9 billion worth of relief amid global economic turmoil in the face of U.S. tariffs.
As Canadian and U.S. stock markets opened Monday, they sank for a third straight day after U.S. President Donald Trump announced widespread “reciprocal” tariffs last week.
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Earlier Monday, Ford made good on an election promise to provide businesses with the deferral on taxes such as the Employer Health Tax and the Insurance Premium Tax, to provide them with some cash flow and keep workers employed.
“Today’s measures will help give workers and businesses the support they need in the face of growing economic uncertainty,” he wrote in a statement.
“We can’t control President Trump, but we’re in full control of the kind of future we build for ourselves.”
The six-month deferral period is retroactively in effect as of April 1, and ends Oct. 1.
Ford also announced that the Workplace Safety and Insurance Board will issue a $2-billion rebate to safe employers, in addition to a previous $2-billion rebate that was distributed last month.
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