Businesses always need to stay aware of changing legislation which may affect their operations. Ontario owners have a big update coming on January 1, 2018, when minimum wage increases to $14 per hour. The new business law will be accompanied by further labour reforms, including a corporate tax cut for small businesses and an increase in emergency leave entitlements.
The legalization of marijuana has been a hot topic in Canadian business news. Ontario has released a plan about how it will handle the substance under provincial business law. Others across the country and around the world are looking at how the marijuana industry, valued at $23 billion, will operate and be legislated.
It takes a special kind of person to start a new business venture or to transform an existing business. In Ontario, there are several different forms that a business can take, each with its own sets of advantages and disadvantages. For example, instead of a sole proprietorship or partnership, the owner may choose to turn a business into a corporation, a type of company governed by a separate branch of business law.