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.
While a small business tax class is not intended and would not be a form of COVID-19 relief, it would provide additional support for small businesses, which are key to a lively, diverse and revitalized city, especially as part of the City's post-pandemic recovery.
The City is hosting public consultations where businesses from across the city can have their voices heard and provide feedback. These consultations will be held virtually from 10 a.m. to 12 p.m. on August 10 and from 1 to 3 p.m. on August 11. WebEx login details can be found at www.toronto.ca/smallbusinesstaxrelief. Questions submitted in advance are welcomed and can be sent to [email protected]. All City residents are encouraged to have their say by completing the survey on tax relief for small businesses at www.toronto.ca/smallbusinesstaxrelief.
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