How Does the Ontario Election Affect Small Businesses?

The Ontario Liberal Party won a majority in the provincial election last night, while in the Parkdale-High Park riding, where Camaraderie Coworking is located, NDP candidate Cheri Dinovo was re-elected.

Congratulations to all elected officials!

With a Liberal majority and a local NDP candidate, what does this mean for the small businesses of our community? Here’s a breakdown of election platform promises:

The Liberals election platform said they want to maintain the corporate tax rate at 11.5% for now, and remove the small business tax deduction currently used by large businesses.

The NDPs want to increase the corporate tax rate to 12.5% (from 11.5% currently) and cut corporat taxes for small buisnesses from the current 4.5% to 3%.

Liberals want to increase minimum wage to $11/hr and promised a 10yr $2.5 billion Jobs and Prosperity Fund to attract and keep businesses in the province, whereas the NDPs want to increase minimum wage to $12/hr and establish a job creation tax credit that reimburses employers for 10% of a new hires’ salary. The Liberals also want to create a regulated crowdfunding system, while the NDPs want to invest in re-training programs for workers over 55yrs of age.

The Liberals want to create a Consumer Bill of Rights and promote urban forestry while also build new post-secondary campuses and create spaces for 15,000 more students.

Locally, for us, the NDP wants to prioritise the electrification of the Union-Person Express, which will basically be going right past our doors, with Bloor Station, one of the only two stops being a 10min walk away. They also want to help communities create cycling networks, which a number of our members would love.

These were the election promises. Let’s see what comes of it now that the election is over.