Small Business Tax Reform

In early 2017, small business owners on Yonge Street faced tax increases of up to 400%, based on real estate speculation driving up the Province's formulas for the area. After hearing from concerned constituents and business owners, I convened a series of meetings with small business owners, the City's leading tax policy experts, the Municipal Property Assessment Corporation (MPAC) and other political leaders to find a way forward.

Together, we were able to achieve an almost immediate 50% relief after uncovering significant oversights in the provincial property tax assessment. Subsequently, I worked with the Chair of Economic and Development to implement an interim tax cap in 2018 to prevent uncontrolled tax escalation, while giving staff direction to report back on long-term solutions. This saved many small businesses on Yonge Street and across Toronto. A new policy package will be presented in 2019 to offer long-term relief and prevent similar issues from arising in the future.

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