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4w ago

Ontario Rolls Out $11 Billion Relief Package for Businesses Hit by U.S. Tariffs

The province defers $9 billion in taxes and issues $2 billion in employer rebates to stabilize businesses facing economic turbulence.

Ontario Premier Doug Ford speaks to journalists before a meeting with federal, provincial and territorial leaders at the Canadian War Museum in Ottawa, Ontario, Canada March 21, 2025. REUTERS/Blair Gable/File Photo
Ontario Premiere Doug Ford speaks to media at the Storm Command Centre in Orillia, Ont. on Friday April 4, 2025. He arrived to inspect the damages from the ice storm and thank front-line volunteers and workers. THE CANADIAN PRESS/Christopher Drost
Ontario Premier Doug Ford speaks to reporters following the First Ministers Meeting at the National War Museum on Friday, March 21, 2025. Primer Doug Ford says he will be visiting the areas impacted by prolonged power outages caused by an ice storm that hit central and northern Ontario.

Overview

  • Ontario's six-month tax deferral program, retroactive to April 1, will delay the collection of $9 billion in business taxes until October 1.
  • A $2 billion rebate will be distributed to qualifying 'safe employers' through the Workplace Safety and Insurance Board, following a similar rebate last month.
  • Premier Doug Ford stated the measures aim to maintain cash flow for businesses and support job retention during ongoing market volatility caused by U.S. tariffs.
  • The relief package comes as President Trump's new reciprocal tariffs spark market declines, inflation concerns, and stalled investments across North America.
  • Ontario's broader economic strategy includes plans to dismantle internal trade barriers and enhance its global competitiveness among G7 economies.