Ontario Premier Doug Ford is deferring certain provincial taxes for six months to give businesses financial breathing room as economic pressures from US tariffs mount. The move is expected to provide around $9 billion in relief to businesses across the province.
The deferral, which applies to taxes like the Employer Health Tax and the Insurance Premium Tax, is meant to help businesses with cash flow and keep people working. It's part of a pledge Ford made during his election campaign.
"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, reports CBC. "We can't control President Trump, but we're in full control of the kind of future we build for ourselves."
The deferral period started retroactively on April 1 and will continue through October 1. When asked Monday if the government would consider extending the timeline past that, Ford responded that he will "always be there to protect the people, the businesses and the community."
The announcement came on the same day US and Canadian stock markets dropped for a third day, following US President Donald Trump’s announcement of sweeping "reciprocal" tariffs. Ford addressed the market drop and said he hopes Trump reconsiders.
"Let's hope that President Trump comes to some common sense here. The markets are tumbling again, consumer confidence is down, inflation is happening, investment has stalled," Ford told reporters on Monday.
"The markets are speaking and hopefully he's going to listen." Ford also talked about Ontario’s efforts to attract new investment, despite the poor economic climate. He said the government is working to create better conditions to encourage more businesses to come to the province. "We can't attract the brightest minds in the world and the best companies at a 43 per cent tax rate," he said.
In addition to the tax deferrals, Ford said the Workplace Safety and Insurance Board (WSIB) will issue a $2-billion rebate to businesses with good safety records. This follows a separate $2-billion rebate that was sent out last month.
