Ontario is providing some immediate relief to businesses to protect them from the impact of the U.S. tariffs.
The provincial government is announcing measures that will save businesses nearly eleven billion dollars.
Certain business taxes will be deferred for the next six months.
Businesses will be offered six months of interest and penalty relief to delay payments on the Employer Health Tax, Insurance Premium Tax, Gasoline Tax, Fuel Tax, Mining Tax, Tobacco Tax, International Fuel Tax Agreement, Beer, Wine & Spirits Tax, the Retail Sales Tax on Insurance Contracts and Benefit Plans and the Race Tracks Tax.
The province says it amounts to nearly $9 billion.
All outstanding taxes will have to be paid by October 25, 2025.
The Workplace Safety and Insurance Board is also rebating $2 billion back to businesses, on top of a $ 2 billion rebate issued last month.
“Today’s measures will help give workers and businesses the support they need in the face of growing economic uncertainty,” said Premier Doug Ford in a statement.
“We can’t control President Trump, but we’re in full control of the kind of future we build for ourselves.”
New tariffs imposed by the U.S. government are impacting the auto industry and forestry.
