On May 9th, CCUA and IC Savings had the opportunity to meet with MPP Michelle Cooper from the Eglinton-Lawrence riding. CCUA has been reaching out to new MPPs to introduce the credit union sector and the community work that the sector does in their riding. We had a very productive conversation with Parliamentary Assistant Cooper and look forward to working with her in role as the Parliamentary Assistant to the Minister of Finance.  

Ontario Government to enhance and expand the Ontario Made Manufacturing Tax Credit 

As part of their plan, the Government will be providing an additional $1.3 billion over three years to help lower costs for businesses that invest in buildings, machinery and equipment that are used for manufacturing or processing in Ontario. The proposed changes will be part of the upcoming 2025 Ontario Budget that will be announced on May 15^th. CCUA will be providing an analysis of the Budget when it comes out. For the full news release, please find it here.

Support for Bill 12 – Cutting Taxes on Small Businesses Act, 2025

Last week, MPP Stephanie Bowman introduced Private Member's Bill 12, Cutting Taxes on Small Businesses Act. The proposed Bill amends the Taxation Act, 2007, increasing the Ontario small business deduction rate from 8.3 per cent to 9.9 per cent. The business limit for a taxation year for the purposes of the small business deduction would be increased from $500,000 to $600,000. CCUA believes that this Bill will positively impact some of our smaller credit unions, while also supporting small businesses across the province. CCUA has voiced our support for the Bill by sending a letter to both the Minister of Finance and MPP Bowman. You can find the full Bill here. If anyone has any comments on the Bill, please reach out to Brent Furtney.