TORONTO EXECUTIVE COMMITTEE APPROVES RECOMMENDED 15% SMALL BUSINESS TAX BREAK
Oct 27, 2021
By Bob Komsic
The City of Toronto’s Executive Committee has approved a staff report, that recommends providing a 15% property tax reduction for small business.
If approved by City Council at its meeting November 9 and 10, eligible businesses within the commercial tax class would get the tax break starting next year.
It’s estimated this would apply to roughly 25-thousand small businesses across the city or 60% of all commercial properties.
Businesses that qualify would be placed in one of two categories – those located downtown, on the central waterfront, in designated growth centres or avenues in the City’s Official Plan and those located anywhere else in Toronto.
No application would be required as all commercial properties would be assessed for their eligibility.
The province would be expected to match the reduction with a corresponding deduction in the business education tax for all eligible small business property owners.