The Canadian Federation of Independent Business (CFIB) has welcomed the Ontario government’s plans to defer select provincial taxes for six months and offer $2 billion more in Workplace Safety and Insurance Board (WSIB) surplus funds to the province’s eligible businesses.
Julie Kwiecinski, the CFIB’s Ontario provincial affairs director, expected that these measures would benefit the CFIB’s members dealing with the tariff impacts of the US-Canada trade war, increased costs for goods and supplies, decreased demand, and historically low confidence levels, which are impacting hiring plans.
In a media release from the CFIB, Kwiecinski noted that more than 80 percent of Ontario small businesses are involved in importing or exporting goods to or from the US.
Kwiecinski added in the media release that the WSIB surplus funds relief would particularly benefit the CFIB’s members and enable Ontario business owners to invest in their operations and employees without risking the financial health of their boards.
“On top of legislation that determines how and when surplus funds are distributed to eligible businesses, WSIB policy aims to keep the board’s funding level within the target range of 110-120%,” Kwiecinski said in the CFIB’s media release.
Ontario’s measures
The office of Ontario’s premier announced that the provincial government will provide about $11 billion in relief and support for workers and businesses through:
- deferring certain provincial taxes for six months from Apr. 1 to Oct. 1 to provide businesses and employers with around $9 billion in cash flow
- issuing another $2 billion rebate via the WSIB, in addition to the $2 billion rebate distributed in March
“In the face of President Trump’s attacks on Ontario’s economy, our government will do whatever it takes to protect Ontario workers and businesses,” said Doug Ford, Ontario’s premier, in the news release. “Today’s measures will help give workers and businesses the support they need in the face of growing economic uncertainty,”
“We are ready to protect Ontario’s workers, businesses and families from the economic uncertainty of U.S.-imposed tariffs,” said Peter Bethlenfalvy, Ontario’s finance minister, in the news release. “Today’s measures help Ontario to weather the storm while continuing to build on our plan for ongoing prosperity.”
“In the face of economic uncertainty, Ontario stands ready with a plan that will defend the interests of our families and workers, protect our economy and jobs, and build a strong, stable future for generations to come,” said Vic Fedeli – Ontario’s minister of economic development, job creation, and trade – in the news release.
The government said these measures seek to help businesses and employers keep their workers employed, survive amid the financial uncertainty arising from the issues relating to the US tariffs, and assist if they need to retrain employees to cater to new customers in new markets.
The government added that it wants to safeguard Ontario’s economy, make it the most competitive in the G7, and address internal trade barriers. To achieve these goals, the government aims to hasten timelines and development approvals and diversify trading partners.
“We can’t control President Trump, but we’re in full control of the kind of future we build for ourselves,” Ford said in the news release.
“Ontario is looking to provide further relief to employers through an additional distribution that will help them keep workers on the jobs, whatever comes our way from President Trump,” said David Piccini – Ontario’s minister of labour, immigration, training, and skills development – in the news release.
Regarding the WSIB surplus funds relief, Piccini noted that within “the last year, the WSIB provided historic, 50-year-low premiums to over 320,000 employers and surplus rebates to over 280,000 safe employers.”
“In these uncertain times, Ontario businesses need certain relief,” said Jeffery Lang, the WSIB’s president and chief executive officer, in the news release. “By achieving better results and strong financial management we are able to return this surplus right when businesses need it the most.”