Ontario Announced Additional Supports to Help Improve Cash Flow for Businesses
Ontario is providing additional support to help improve cash flows for businesses by providing a six-month interest- and penalty-free period to make payments for most provincially administered taxes, supporting businesses in the immediate term while capacity restrictions are in place while providing the flexibility Ontario businesses will need for long-term planning. The six-month period will begin January 1, 2022 and end July 1, 2022.
This measure will provide up to $7.5 billion in relief to help Ontario business that will have the option to delay their payments for the following provincially administered taxes, helping them free up cash flow during these challenging times:
- 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
For more information, contact Chelsea Goberdhan at 1-800-267-2231 ext. 236, or email cgoberdhan@hrai.ca.
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