Ontario Government to Offer More Support for Companies

Updated on Wednesday 20th June 2018

Not long ago, the government of the Ontario province announced the launch of a new program called the “Good Jobs and Growth Plan” which aims at offering financial support for Canadian companies and the stimulation of job creation in the region. The government plans on spending 20,3 billion CAD in the next 3 years with this program. If you want to open a company in Ontario, our company formation agents in Canada can assist you.

900 million CAD to be spent this year through the program

Ontario is the most populated region of Canada which is why the local government has drafted the plan with the purpose of supporting businesses which would further create more jobs and invest in training of the local workforce.

This year, the government plans to spend more than 900 million CAD out of the 20,3 billion CAD announced for the Good Jobs and Growth Plan. The money would go to financial assistance for Canadian companies and training programs for the local labor force.

Even if Ontario has a solid economy, the region has close ties with the US which could make it vulnerable to sudden policy changes which is why the government wants to reinforce the province’s economy. At the moment, Ontario has one of the lowest combined corporate taxes and one of the highest economic growth rates in the country.

The support offered to Ontario companies will include new strategies for companies to use their intellectual property rights when selling goods or products and new tax credits for research and development activities.

Our local consultants can help foreign enterprisers who want to invest in Canada.

Economic prospects for Ontario

After reaching a 2.7% economic growth in 2017, the Ontario government released the figures for the coming years which look like this:
  • an estimated growth of 2.2% in 2018;
  • an estimated increase of 1.8% in 2019;
  • an estimated economic growth of 1.9% in 2020.
These numbers should be complemented by a lower unemployment rate which should go down to 5.4% from the 5.5% registered in February 2018.

If you want to start a business in Ontario or in any other Canadian region and need guidance, please contact our company registration consultants for assistance in registering the company.