12 April 2019

They include easier requirements for commercial mortgage transactions which could reflect the business needs. In addition to it, Downey also consulted with the mortgage broker industry and received detailed answers from that and other sectors. (2019 Ontario Budget, p.234)

Moreover, the Budget underlines the Ford government’s desire to help Ontario’s 470,000 small and medium-sized businesses (SMEs). “The government wants to cut the small business corporate income tax rate by 8.7% (p.180).” As SMEs employ about one-third of Ontario workers, and most of our members are employed by or as SMEs, they will definitely benefit from reduced bureaucracy, weaker burden and tax pressure during the coming months and years.

Another interesting point is that the government also announced the Ontario’s Housing Supply Action Plan. It’s only at an early stage, but here’s how it’s described:

Ontario’s Housing Supply Action Plan will provide new solutions to ease the process of fast housing buildings. The plan is expected to be flexible in order for all communities to build what they need, while protecting certain sensitive areas, cultural heritage, and supporting Ontario’s vibrant agricultural sector.