Ontario will match Ottawa's tax break allowing businesses to write off the cost of some capital investments straight away, Global News reports.
Finance Minister Peter Bethlenfalvy announced the change ahead of the province's fall economic statement, due on Thursday. The federal measure, introduced last year by Prime Minister Mark Carney's government, lets companies immediately deduct the full cost of certain investments such as machinery, equipment and technology. It was widened last month so that about two thirds of assets now qualify, up from roughly 15% of capital spending.
Bethlenfalvy said Ontario's version would provide about $8 billion in relief and help draw more businesses to the province. He said it would cut Ontario's marginal effective tax rate on new investment to 3.6%.
Source: Global News
