I am pleased to rise today to introduce the Cutting Taxes on Small Businesses Act. This bill would provide essential tax relief for Ontario’s small businesses by cutting the effective small business tax rate in half, from 3.2% to 1.6%, and by increasing the income threshold for this deduction from $500,000 to $600,000. If passed, this bill will be deemed to have come into effect on January 1, 2024, and will save small businesses up to $17,900 annually.

Some 450,000 Ontario small businesses employ over three million people—two thirds of workers in the private sector—and are vital to our economy and communities.

This bill will give small business owners more opportunity to thrive and grow, fostering economic prosperity and innovation across our province.

The other three parties have all talked about lowering taxes on small business; I am doing that today.

I hope all members will show their support to small businesses in their communities and across the province by supporting the Cutting Taxes on Small Businesses Act.