MEDIA RELEASE - Ontario Economic Outlook and Fiscal Review Focused on Balancing the Budget and Key Priorities
Ontario Economic Outlook and Fiscal Review Focused on Balancing the Budget and Key Priorities
FOR IMMEDIATE RELEASE
November 16, 2018
Sault Ste. Marie – The Sault Ste. Marie Chamber of Commerce and the Ontario Chamber of Commerce have released the following statement in response to the Fall Economic Statement, 2018 Ontario Economic Outlook and Fiscal Review, released Thursday by the Ontario government.
“In Thursday’s statement, we were pleased to see the Government of Ontario taking reasonable steps to build a more prosperous Ontario with a strong focus on fiscal accountability and cutting cumulative red tape. On behalf of our members, the Ontario Chamber Network has long called on the government to reform Ontario’s tax system, reduce red tape, and restore fiscal sustainability to the Ontario taxpayer.
“We agree that the Government of Ontario should not proceed with the prior government’s initiative that would have taxed the so-called “passive” income for thousands of businesses across the province. This would have greatly increased taxes for thousands of employers in Ontario.
“We also applaud the government for increasing the amount of payroll that is exempt from the Employer Health Tax. This is a reasonable step in the right direction. Our members are also supportive of some of the government’s other key priorities, such as their commitment to:
Cutting red tape by 25 percent by 2022;
Implementing tax reforms for small businesses;
Expanding broadband to rural and underserved communities across Ontario;
Reviewing electricity costs for industrial users; and
Investing in both the Ring of Fire and transportation infrastructure in Northern Ontario.
“Combined, these are fundamental steps towards a more competitive and prosperous economy. Ontario is strongest when industry and government work together and we look forward to working with the government in support of businesses of all sizes, in every corner of the province.”
Sault Ste. Marie Chamber of Commerce President, Don Mitchell adds that the local Chamber will continue to work on behalf of its members to ensure that the Ontario government works toward fulfilling the commitments outlined in Thursday’s Economic Outlook.
“These are some positive steps,” he notes. “Businesses, by their nature, are driven by the need to be efficient and to grow. When we give businesses that opportunity, especially small businesses that employ the vast majority of Ontario’s workers, they find ways to reinvest savings to create opportunities, to expand, to create new employment and offer greater security to existing jobs.”
About the Sault Ste. Marie Chamber of Commerce
The Sault Ste. Marie Chamber of Commerce is a non-for-profit organization comprised of 700 plus businesses and agencies in Sault Ste. Marie and has been serving the needs of this community since 1889. The Sault Ste. Marie Chamber of Commerce will lead the way as the voice of business, advancing economic prosperity for its membership and the business community. Learn more about the SSMCOC at www.ssmcoc.com
SSMCOC Media Contact:
Sault Ste. Marie Chamber of Commerce