As you may recall, in the 2020 Ontario Budget, the Province announced a new optional small business property subclass. Amendments were filed on May 7, 2021 to O. Reg. 282/98 under the Assessment Act, O. Reg. 73/03 under the Municipal Act, 2001 and O. Reg. 121/07 under the City of Toronto Act, 2006 which implement the subclass.
In response to these changes, a municipal working group comprising of several municipal associations, municipalities and industry associations released a report which provides Ontario municipalities with guidance for using the optional small business property subclass.
The report offers a summary of different policy directions for small businesses that may be relevant to a municipality’s consideration of this optional subclass, provides guidance on defining “small business” based on local policy goals and outlines key process considerations and administrative requirements for use of the subclass.