TORONTO — Ontario’s Liberal government released a fall economic update Tuesday that included a tax cut for small businesses as an offset for a minimum wage that will rise to $14 an hour on Jan. 1, and $15 an hour the following year. Here are some highlights:— The corporate income tax rate for small businesses will be lowered from 4.5 per cent to 3.5 per cent on Jan. 1. — Small businesses with fewer than 100 employees that hire young workers (aged 15 to 29) will get incentives of $1,000 and another $1,000 for retaining that worker for six months. — The legislation takes a preliminary step toward allowing Ontario’s nine Indigenous institutes to award degrees or diplomas on their own. — Real GDP growth is forecasted to be 2.8 per cent this year, up from the 2.3 per cent projected in the spring budget.

Source: National Post November 14, 2017 21:22 UTC