Ontario budget notes
Patrick FlanneryNews Business Intelligence Government and regulatory budget
The Ontario government dropped its 2023 budget on March 23. Here are some highlights relevant to rental stores.
Ontario plans to increase the phase-out range for the Ontario small business corporate income tax rate. Ontario’s small business CIT rate is currently subject to a small business limit of $500,000 of active business income that phases out when the business has between $10 million and $15 million of taxable capital employed in Canada. The proposal would extend the phase-out to between $10 million and $50 million. This change would mirror the federal government’s extension of the federal phase‐out range for the federal small business CIT rate, which was recently legislated. This proposed measure would apply to taxation years that begin on or after April 7, 2022, for consistency with the federal effective date.
The budget proposes launching a voluntary clean energy credit registry for businesses that demonstrate that their electricity has been sourced from clean resources, such as hydroelectric, solar, wind, bioenergy and nuclear power. Businesses on the registry would be listed on a website and have their claims certified by the registry administrator. This could become a useful tool when and if embodied carbon measurements become part of building codes.
The budget provides $224 million in 2023 and 2024 for a new capital stream of the Skills Development Fund to leverage private-sector expertise and expand training centres, including union training halls, to provide more accessible, flexible training opportunities for workers. it also enhances the Ontario Immigrant Nominee Program with an additional $25 million over three years to attract more skilled workers, including in-demand professionals in the skilled trades, to the province. Also, the province commits to helping students earn credits towards both their Ontario Secondary School Diploma and a postsecondary degree, diploma, certificate or Certificate of Apprenticeship at the same time through dual credit opportunities.
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