Good Morning All,
This month, the City of Toronto will be engaging with the small business sector on the potential creation of a separate property tax class for small businesses in Toronto, which if implemented, could provide a measure of property tax relief for small and Main Street businesses in the city.
As part of the 2020 provincial budget, municipalities were given the ability to create a small business tax class to provide a lower property tax rate to small businesses within the commercial tax class. Earlier this year, City Council directed City staff to define and develop a small business tax class to address the preservation and rebuilding of Toronto’s Main Streets, offering broad tax relief for small businesses and reduce property taxes for small businesses who have endured increases in their property assessments over the last number of years.
The City is looking for feedback on a potential small business tax class, including which businesses may qualify for tax relief, how it will be administered, and how lower taxes can be passed on to business tenants where small businesses do not own their own property.
The City is hosting an information session where businesses from across the city can have their voices heard and provide feedback. The evening session will take place on:
As part of the 2020 provincial budget, municipalities were given the ability to create a small business tax class to provide a lower property tax rate to small businesses within the commercial tax class. Earlier this year, City Council directed City staff to define and develop a small business tax class to address the preservation and rebuilding of Toronto’s Main Streets, offering broad tax relief for small businesses and reduce property taxes for small businesses who have endured increases in their property assessments over the last number of years.
The City is looking for feedback on a potential small business tax class, including which businesses may qualify for tax relief, how it will be administered, and how lower taxes can be passed on to business tenants where small businesses do not own their own property.
The City is hosting an information session where businesses from across the city can have their voices heard and provide feedback. The evening session will take place on:
Wednesday, August 18 from 7 to 9 p.m. WebEx login details can be found at www.toronto.ca/smallbusinesstaxrelief. Questions submitted in advance are welcomed and can be sent to
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.
All businesses and property owners are encouraged to have their say by completing the survey on tax relief for small businesses at www.toronto.ca/smallbusinesstaxrelief.
Our Board Treasurer, Philip Kocev (iPro Realty) and I participated in the information session held earlier this week and we encourage you to join the August 18th session and also to fill out the survey.
Attached please find a copy of what will be covered in the information session - just so you're prepared in advance of August 18th.
Thanks,
Susan