Ontario Election: How retailers are impacted in Liberals platform

On Monday, May 9, 2022, the Ontario Liberals unveiled their platform – much of which simply bundled the existing policy announcements in one location.

There were, however, two items of interest to retailers. The first is that the Liberals will pay for their “no tax on prepared meals” commitment by adding a 1 per cent tax surcharge on companies earning over $1 billion in profits, and by increasing the income tax on persons earning over $500,000 by 2 per cent. Further, they will be reducing the taxes on small businesses hit by the pandemic for the next two years scaled down based on the reduced sales during the pandemic. In addition, any small business experiencing a 50 per cent reduction in sales will pay no corporate tax.

Beyond the platform from the Liberals, the first week of the Ontario election campaign didn’t see any major announcements for retailers.

Elsewhere this week, the Progressive Conservatives were focused on reiterating budget announcements, including positioning Ontario as a leader on electric vehicles and batteries, building Highway 413, no fees for license plates and no fees for highways 412 & 418, and building the Bowmanville GO extension.

The NDP announced policies related to the repairing of schools, creating additional affordable housing, dental care, and, grants & interest-free financing for home efficiency retrofits.

The Liberals were laser-focused on education, announcing policies like the repairing of schools, capping class sizes at 20, creating a temporary, optional grade 13, and, adding COVID-19 vaccines to the list of required shots for students.