Business Education Tax (BET)
To reduce regional tax inequities and improve business competitiveness, the government proposes to reduce all high BET (Business Education Tax) rates to a rate of 0.88 percent for both commercial and industrial properties beginning in 2021, a reduction of 30 percent for businesses currently subject to the highest BET rate.
Property Tax Relief for Small Businesses
Beginning in 2021, municipalities would be able to adopt a new optional property subclass for small business properties. The small business property subclass will allow municipalities to target tax relief by reducing property taxes to eligible small business properties. The Province will also consider matching municipal property tax reductions to provide further support to small businesses.
Paul Grosman, BA, AACI, P. App
ArGil Property Tax Services Paralegal Professional Corporation