Toronto/CMEDIA: Approximately $11 billion in relief and support for workers and businesses is reportedly being graned by the Ontario government to protect the province’s economic uncertainty and the impact of U.S. tariffs.
“In the face of President Trump’s attacks on Ontario’s economy, our government will…help give workers and businesses the support they need…economic uncertainty…can’t control President Trump, but…in full control of…future we build…the most competitive economy in the G7…build a more resilient, prosperous and secure province,” said Ontatio Premier Doug Ford
The Ontario Government said In an announcement on Monday that select provincially-administered taxes, including the Beer Wine and Spirits Tax and Gasoline Tax, will be deferred retroactively from April 1, 2025, to Oct. 1, 2025.
That will give businesses roughly $9 billion worth of cash flow to keep their workers employed and to “weather the economic turmoil” and added that besides this six-month tax deferral, it will also issue a $2 billion rebate for eligible businesses through the Workplace Safety Insurance Board (WSIB) to keep workers on the job.
“We are ready to protect Ontario’s workers, businesses and families from the economic uncertainty of U.S.-imposed tariffs. Today’s measures help Ontario to weather the storm while continuing to build on our plan for ongoing prosperity” said Peter Bethlenfalvy, Minister of Finance.”
Bethlenfalvy also was reported to say Monday morning that “It’s for corporations who pay provincially-administered taxes, like fuel taxes and employer health taxes, so they can, basically get an interest-free loan for six months…And then WSIB is real cash, which allows them to hire more workers, protect workers.”
Last week, Trump announced “retaliatory tariffs” on dozens of countries, including a 10 per cent baseline tax on imports from all countries that run trade surpluses with the U.S.
Although Canada was spared from those levies, it is still subject to a 25 percent tax on goods that don’t comply with the Canada-United States-Mexico Agreement (CUSMA), steel and aluminum, and auto imports.
In response, the Canadian government launched its own 25 per cent counter tariff on U.S. cars which are non-compliant under the North American free trade pact, in addition to the existing 25 per cent tariffs on $60 billion worth of other goods announced last month.
Although Ford previously said it was a “big relief” that Canada was left off Trump’s “reciprocal” tariff list unveiled last Wednesday, he has maintained that the president’s trade war could cost Ontario as many as 500,000 jobs.
That will give businesses roughly $9 billion worth of cash flow to keep their workers employed and to “weather the economic turmoil.”
“That’s going to help companies tremendously,” Ford was reported to say.
The government said that, in addition to the six-month tax deferral, it will also issue a $2 billion rebate for eligible businesses through the Workplace Safety Insurance Board (WSIB) to keep workers on the job.
“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, Minister of Economic Development, Job Creation and Trade.
