Province introduces a new rebate program and an interest and penalty-free period to pay provincial taxes for businesses.
New supports are being introduced to help Ontario businesses as COVID-19 cases surge.
Finance Minister Peter Bethlenfalvy announced today that the supports include a new Ontario Business Costs Rebate Program and a six month interest and penalty-free period to pay provincial taxes.
"Ontario businesses have already contributed so much to the province’s fight against COVID-19," said Bethlenfalvy. "We recognize that these necessary capacity limits to reduce the transmission of the virus will impact businesses, and that’s why we are introducing these new supports, which will put money directly into the hands of business and free up their cash flows during this critical time."
The new rebate program will allow eligible businesses to receive rebate payments equivalent to 50 percent of their property and energy costs while current capacity limits are in place.
Online applications for the program will kick off in January, and payments will be retroactive to December 19th, 2021.
As well, a six month interest and penalty-free period to make payments for most provincially administered taxes will take effect January 1st.
The period will end on July 1st, 2022, and will cover the following provincially administered taxes:
- Employer Health Tax
- Beer, Wine & Spirits Taxes
- Tobacco Tax
- Insurance Premium Tax
- Fuel Tax
- International Fuel Tax Agreement
- Gas Tax
- Retail Sales Tax on Insurance Contracts & Benefit Plans
- Mining Tax
- Race Tracks Tax
Provincial officials are also calling on the federal government to strengthen support programs to help businesses suffering as the spread of the Omicron variant continues.
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