Province announces new supports for businesses and local governments

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The further reduction of school property tax rates for commercial properties to achieve an average 25 percent reduction in the total property tax bill for most businesses.

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Postponing the date that late payment penalties apply for commercial properties in classes 4,5,6,7 and 8 to Oct.1 of this year, to give businesses and landlords more time to pay their reduced property tax, without penalty.

Local governments are now able to borrow, interest-free, from their existing capital reserves to help pay for operating expenses, such as employee salaries.

The province also announced that they will be delaying provincial school tax remittances until the end of the year, and provide local governments greater flexibility to carry debt for an additional year.

“The COVID-19 pandemic is having significant financial impacts on all levels of government. It’s going to take hard work from both municipalities and the provincial government, but working together we will get through this.”—Selina Robinson, Minister of Municipal Affairs and Housing