The Ontario government is deferring $15 million in property taxes for people and businesses in parts of Northern Ontario located outside of municipal boundaries. This tax deferral builds on the $10 billion in cash flow supports made available to people and businesses as part of Ontario’s Action Plan: Responding to COVID-19.
“Our government is taking action to protect every person and every business across Ontario during this unprecedented time, including remote parts of Northern Ontario,” said Rod Phillips, Minister of Finance.
These measures mean Ontario is giving taxpayers in unincorporated areas more time to pay the four 2020 Provincial Land Tax installments. Taxpayers will have 90 extra days to pay without incurring interest or penalties. For example, taxpayers who would be required to pay the April 7 property tax installment will have until July 6 to pay without interest or penalties.
This action is complementary to new support for municipalities that was announced in Phillips’ economic update last month. The Province announced it is deferring the upcoming quarterly (June 30) remittance of education property tax to school boards by 90 days. This will provide municipalities with the flexibility to, in turn, provide property tax deferrals of over $1.8 billion to local residents and businesses.
“Additional cash flow during these tough times can help keep food on the table for people in every corner of the province,” said Minister Phillips. $10 billion in cash flow support was made available in the economic update.