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2021 Ontario Budget Highlights

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Today, the Honourable Minister of Finance and President of the Treasury Board Peter Bethlenfalvy released Ontario's 2021 Budget titled Ontario's Action Plan: Protecting People's Health and Our Economy

While not overly consequential for CPB Canada members, this provincial budget highlights the substantial assistance available to small businesses in affected sectors and increases to help them continue operating during the pandemic. Several key highlights that may be of interest to Ontario CPB Canada members and their clients, which include:

  • The Ontario government is providing a second round of Ontario Small Business Support Grant payments to eligible recipients. This second round doubles the support of this grant from $1.7 billion to $3.4 billion. Approximately 120,000 small businesses will automatically benefit from this second round of support in the form of grants of a minimum of $10,000 and up to $20,000.
  • A new Ontario Tourism and Hospitality Small Business Support Grant will provide an estimated $100 million in one‐time payments of $10,000 to $20,000 to eligible small businesses.
  • The Ontario government confirms that property tax reassessment that was scheduled to be conducted in 2020 for the 2021 taxation year has been paused for another year to help maintain stability in the context of the emerging pandemic.
  • To help workers with their training expenses, the government is proposing a new Ontario Jobs Training Tax Credit for 2021. It would look to provide up to $2,000 per recipient for 50% of eligible expenses, for a total of an estimated $260 million in support to about 230,000 people in 2021.

For more information:

2021 Ontario Budget

Ontario Government News Release

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  • COVID-19 Updates