Ontario announces $8 billion in tariff support, defers mining tax for six months

Ontario will provide approximately C$11 billion ($7.7 billion) in relief to workers and businesses to help weather the impact of U.S. tariffs.The support package includes deferring business taxes, including the mining tax, for six months. The province will provide up to C$9 billion in cash flow relief to about 80,000 Ontario businesses by offering six months of interest and penalty relief, allowing them to temporarily delay payments.This deferral period runs from April 1, 2025, to October 1, 2025. All deferred taxes must be paid in full by October 1, 2025.The mining tax is levied on profits from the extraction and sale of mineral substances by operators of Ontario mines.In addition to the tax relief, the province is issuing a further $2 billion rebate for safe employers to help businesses retain workers. This follows a $2 billion rebate distributed in March.In a post on X, Premier Doug Ford said the measures aim to support workers and businesses during a time when “President Trump’s tariffs are causing enormous economic uncertainty.”President Trump’s tariffs are causing enormous economic uncertainty. To help workers and businesses weather the storm and keep people on the job, we’re providing $11 billion in urgent relief and support. Learn more: https://t.co/6DPDCAFfyw— Doug Ford (@fordnation) April 7, 2025While Canada was spared the Trump administration’s global tariffs on April 2, it still faces levies on steel and aluminum exports to the U.S., as well as on autos that do not meet the terms of the United States-Mexico-Canada Agreement (USMCA).Last month, the federal government announced C$6.5 billion in financial aid to help companies expand into new international markets, mitigate losses, access affordable loans, and avoid layoffs.Ontario ranks among the world’s top 10 jurisdictions for mineral exploration spending and is a leading producer of gold, copper, nickel, and platinum group elements.In 2023, the province generated $15.7 billion worth of minerals—representing 26% of Canada’s total mineral production value. Over 40% of Canada’s total gold production by value came from Ontario.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com