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- calendar_today October 19, 2026
Ontario Recognizes the Vital Role of Small Businesses
This week, Ontario is celebrating Small Business Week, highlighting the crucial role that over 500,000 small businesses play in the province's economy. These businesses employ close to 2.5 million people, providing essential services, bringing important goods to market, and helping to create vibrant local communities.
Economic Impact and Employment
Ontario's small businesses span a variety of sectors, including restaurants, convenience stores, independent pharmacies, and manufacturing. Collectively, they deliver vital goods and services while driving job creation and economic stability throughout urban centers and small towns alike. The government recognizes the significant contribution of small businesses in keeping communities connected and prosperous.
Responding to Economic Challenges
Amid ongoing economic pressures and "unjustified U.S. attacks" on the Ontario economy, the provincial government has reaffirmed its commitment to supporting small businesses. Efforts are focused on making Ontario the most competitive jurisdiction in the G7 for doing business and job creation. Since 2018, key government policies have delivered $12 billion in annual savings to businesses across the province.
Small Business Tax Reduction
In the 2026 Ontario Budget, the government lowered the small business corporate income tax rate from 3.2% to 2.2%. This tax cut is projected to provide $1.1 billion in relief and up to $5,000 in annual savings for more than 375,000 Ontario small businesses. Such reductions are designed to help owners manage operating costs, retain and hire staff, and invest in future small business growth, even during unstable economic times.
Strengthening Small Business Support Networks
Ontario is making a record investment of $49 million over the next three years to expand its network of Ontario Small Business Advisory Centres (OSBACs). With more than 50 locations across the province, these centres will enhance access to one-on-one consultations, training, provincial programs, and small business funding opportunities for entrepreneurs. This initiative aims to make it easier for local businesses to find tailored support and guidance close to home.
Investing in the Next Generation of Entrepreneurs
The province continues to invest in programs like Futurpreneur and Summer Company, designed to reduce barriers for young entrepreneurs. These efforts expand access to capital, networking, and foundational training for young people interested in launching and growing their own businesses. The goal is to strengthen the pipeline of entrepreneurship and ensure a vibrant future for the province’s economy.
A Message of Thanks and Encouragement
Associate Minister Nina Tangri extended gratitude to Ontario's small business owners, entrepreneurs, and workers for their dedication and ongoing contributions. She encouraged everyone across the province to support local businesses and help protect Ontario-made innovation and jobs, especially during Small Business Week.
Source: news.ontario.ca.
