It takes great courage to start a business. Canadians who take that leap work long hours and face numerous challenges.
Our government is here to support Canada’s small business owners, like the ones in Longueuil – Charles-LeMoyne.
We are committed to helping them succeed because they are essential to the vitality of our national and local economies.
Small businesses make up 98% of Canadian businesses and employ 8 million hard-working Canadians from coast to coast to coast, including right here in Longueuil – Charles-LeMoyne. More than this, they promote the industry around which thriving communities can grow.
It is because of our community’s entrepreneurial small business owners that Canada’s economy is now among the fastest growing in the G7 and that the unemployment rate is at its lowest in over 40 years.
People are working, wages are growing and more Canadians are buying goods and services.
To keep up this momentum, our government is working hard to make it easier for small businesses to prosper.
On January 1, we lowered the small business tax rate yet again, from 11% to 9%, giving Canada one of the lowest small business tax rates in the world and giving small business owners to up to $7,500 a year in savings.
We also worked with credit card companies to lower the fees they charge businesses. For some small businesses, this could mean thousands of dollars in savings.
Our government has also made unprecedented investments in helping small business owners start up, scale up and access new markets through programs that offer them access to capital, valuable advice or even paid interns.
In the 2018 Fall Economic Statement, we proposed three immediate changes to Canada’s tax system that will make it easier for small businesses.
The first will allow businesses to immediately write off the full cost of machinery and equipment used for the manufacturing and processing of goods.
The second will allow businesses to immediately write off the full cost of certain clean technology equipment.
And the third – a new Accelerated Investment Initiative – will allow businesses across all sectors to write off a larger share of the cost of newly acquired assets in the year the investment is made.
These are real actions that will make Canadian small businesses more productive, more innovative and more competitive.
A big part of remaining competitive means getting to work and cutting red tape. That’s why, since 2015, our government has cut more than 450 federal rules that impose an administrative burden on business.
For example, our government is tackling regulatory irritants by harmonizing food regulations and inspections and facilitating greater trade of alcohol between provinces and territories.
Whether it’s our innovation.canada.ca website that provides small businesses with the help they need, or BizPaL, which simplifies getting permits and licences, our government is working hard to make it easier for small businesses to do what they do best: grow amazing communities like Longueuil – Charles-LeMoyne.
Our small businesses are the backbone of our economy and they deserve a real economic plan. Let’s continue to work together to ensure their success!
Member of Parliament for Longueuil – Charles-LeMoyne
Parliamentary Secretary to the Minister of Seniors