Some good news for small businesses in Ontario. Remember, every bit counts.
Please see the info below and check out the Ministry of Finance site below for full details.
Employer Health Tax
Today the Ontario government announced it is increasing the Employer Health Tax (EHT) exemption for 2020 to $1 million to provide tax relief to businesses around the province so that they can focus on supporting the well‑being of their employees and their continued operations during this time of uncertainty caused by the coronavirus (COVID‑19) in Ontario.
Retroactive to January 1, 2020, the EHT exemption is increasing from $490,000 to $1 million for the 2020 tax year. The EHT exemption will return to $490,000 on January 1, 2021.
Only the exemption amount is changing; eligibility for the tax exemption, tax rates and everything else remains the same.