Ontario offers $11B in tax relief, rebates to businesses stung by U.S. tariffs

Ontario businesses will see select provincial taxes deferred for six months, which Premier Doug Ford says will give them about $9 billion worth of relief amid global economic turmoil in the face of U.S. tariffs.

As Canadian and U.S. stock markets opened Monday, they sank for a third straight day after U.S. President Donald Trump announced widespread "reciprocal" tariffs last week.

Earlier Monday, Ford made good on an election promise to provide businesses with the deferral on taxes such as the Employer Health Tax and the Insurance Premium Tax, in order to provide them with some cash flow and keep workers employed.

"Today's measures will help give workers and businesses the support they need in the face of growing economic uncertainty," he wrote in a statement.

"We can't control President Trump, but we're in full control of the kind of future we build for ourselves."

The six-month deferral period is retroactively in effect as of April 1, and ends Oct. 1.

When asked by reporters on Monday if he will extend the deferral period after October, Ford said he will "always be there to protect the people, the businesses and the community."

Ford said he hopes Trump "listens" to the U.S. stock market, as it continues to drop for the third day in a row. 

"Let's hope that President Trump comes to some common sense here. The markets are tumbling again, consumer confidence is down, inflation is happening, investment has stalled," Ford told reporters on Monday. 

"The markets are speaking and hopefully he's going to listen."

The premier also said he's still seeing investments happening in Ontario that will continue to create opportunities and diversify trade, but the government needs to create the "environment and conditions" for more companies to come to the province.

 "We can't attract the brightest minds in the world and the best companies at a 43 per cent tax rate," he said.

Ford also announced that the Workplace Safety and Insurance Board will issue a $2-billion rebate to safe employers, in addition to a previous $2-billion rebate that was distributed last month.