Minister Ng discussed the small business tax rate reduction and other federal measures helping small businesses succeed
HALIFAX, Jan. 24, 2019 /CNW/ - Small businesses make up 98% of all Canadian businesses and employ 8 million hard-working Canadians from coast to coast to coast. They are the backbone of our economy and critical to the middle class.
Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, met with Halifax area small business owners to highlight how the Government of Canada is making it easier for small businesses by helping them start up, scale up and access new markets.
Minister Ng began her day by announcing a federal investment to help small businesses leverage e-commerce with eBay Canada. Following this, she joined the Honourable Stephen McNeil, Premier of Nova Scotia, and His Worship Michael Savage, Mayor of Halifax Regional Municipality, for a roundtable with small business owners hosted by the Canadian Federation of Independent Business. Later, she attended a roundtable hosted by the Black Business Initiative and met with women entrepreneurs at the Centre for Women in Business. She concluded her visit to Halifax by delivering remarks at the Halifax Business Awards hosted by the Halifax Chamber of Commerce.
When meeting with small business owners, Minister Ng highlighted the government's many initiatives that are making it easier for small business owners to do business, such as:
- lowering the small business tax rate to 9%, one of the lowest rates in the world;
- getting credit card companies to lower the fees they charge businesses when their customers use credit cards;
- providing access to over a billion and a half new customers through trade deals like the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Canada-United States-Mexico Agreement, commonly called the new NAFTA;
- allowing businesses to immediately write off the full cost of machinery and equipment used for the manufacturing and processing of goods;
- allowing businesses to immediately write off the full cost of specified clean energy equipment;
- introducing the Accelerated Investment Incentive that will allow businesses of all sizes in all sectors of the economy to write off a larger share of the cost of newly acquired assets in the year the investment is made;
- investing $2 billion to help double the number of women-owned businesses by 2025; and
- reducing over 450 federal rules that impose an administrative burden on business.
"This is a small business–friendly government that is working hard to reduce red tape and make it easier for Canadian small business owners to start up, scale up and access new markets. When small businesses in Halifax and across Canada succeed, our economy grows and middle-class jobs are created."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"It takes great courage to start a business. Canadians who take that leap work long hours and face numerous challenges—especially those in rural communities, who are often without the connectivity they need. The Government of Canada is here to support Canada's small business owners, like the ones in our community, and is committed to helping them succeed. That's why we have reduced the small business tax rate to 9%, giving Canada one of the lowest small business tax rates in the world and helping small business owners save up to $7,500 a year."
– The Honourable Bernadette Jordan, Minister of Rural Economic Development and Member of Parliament for South Shore–St. Margaret's
"Try walking through any neighbourhood in Halifax without spotting a new small business. They're everywhere. As our city grows at its fastest rate in decades, small businesses—new and old—are creating middle-class jobs and generating economic activity. Thanks to our government's tax cut, those small businesses are now paying the lowest small business tax rate in the G7: 9%, down from 11%."
– Andy Fillmore, Parliamentary Secretary to the Minister of Canadian Heritage and Multiculturalism and Member of Parliament for Halifax
"Small businesses are the backbone of our nation's economy, and our government is listening to owners so we can better address their needs. By lowering the small business tax rate to 9%, creating unprecedented trade opportunities with other countries, helping to establish women-owned businesses, and allowing businesses to write off the cost of machinery and equipment, all while reducing red tape, we are doing what is necessary to help small businesses achieve success across Canada, including here in our community."
– Darrell Samson, Member of Parliament for Sackville–Preston–Chezzetcook
"Downtown Dartmouth is thriving in part due to the incredible women entrepreneurs who are breathing new life into our community. Targeted investments and lower taxes for small businesses will ensure that entrepreneurs in Dartmouth continue to excel and grow our economy."
– Darren Fisher, Member of Parliament for Dartmouth–Cole Harbour
- Innovation and Skills Plan
- Canadian Trade Commissioner Service
- Accelerated Growth Service
- Industrial Research Assistance Program
- Innovative Solutions Canada
- Venture Capital Catalyst Initiative
- Women Entrepreneurship Strategy
- Canada-European Union Comprehensive Economic and Trade Agreement
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership
- Canada-United States-Mexico Agreement
SOURCE Innovation, Science and Economic Development Canada
For further information: Mallory Clyne, Director of Communications, Office of the Minister of Small Business and Export Promotion, [email protected]; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]