ST. CATHARINES, ON, Nov. 22, 2018 /CNW/ - The Honourable Mary Ng, Minister of Small Business and Export Promotion, joined Chris Bittle, Member of Parliament for St. Catharines, for a roundtable with members of the Greater Niagara Chamber of Commerce today to discuss the Fall Economic Statement and how it will benefit local small and medium-sized businesses by helping them grow, expand into new markets and create good middle-class jobs.
The Fall Economic Statement proposes to increase the competitiveness of Canadian small and medium-sized businesses by:
- modernizing regulations so that it is easier for Canadian SMEs to grow;
- investing in export promotion to increase Canada's overseas exports by 50% by 2025;
- removing internal trade barriers within Canada to encourage domestic trade and growth;
- allowing businesses to immediately write off the full cost of machinery and equipment for the manufacturing or processing of goods;
- allowing businesses to immediately write off the full cost of specified clean energy equipment;
- introducing an accelerated investment incentive for businesses making capital investments; and
- investing in Canada's most innovative businesses through the Strategic Innovation Fund.
These new measures will help bring Canada's marginal effective tax rate to 13.8%, the lowest among the G7 countries, and will strengthen Canada's economy, attract investment and grow the middle class.
After addressing the members of the Greater Niagara Chamber of Commerce, Minister Ng had the opportunity to discuss the Statement with local small and medium-sized businesses and solicit their feedback.
The Fall Economic Statement is the next step in the Government's plan to strengthen the middle class and build an economy that works for everyone.
"Across the country, a strong and growing middle class is driving economic growth and creating new jobs and more opportunities for people to succeed. This Fall Economic Statement is about growing the economy by investing in middle-class jobs, helping Canadian businesses compete and continuing to deliver real progress for the middle class. With the new measures in the Statement, and the continued hard work of Canadians, the Government is building an economy that works for everyone."
– The Honourable Bill Morneau, Minister of Finance
"Our government is working hard to help Canadian businesses start up, scale up and access new markets. The Fall Economic Statement will decrease regulatory burden, make Canada a more attractive place to invest and help Canadian small and medium-sized businesses export so that Canada can double its overseas exports by 2025. The Fall Economic Statement is good for Canada, good for business and good for the middle class."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"Our government continues to support businesses in St. Catharines through the Fall Economic Statement by making it easier for them to operate and grow. We are investing in local small and medium-sized businesses because we know they are the backbone of the Canadian economy."
– Chris Bittle, Member of Parliament for St. Catharines
- Investing in Middle Class Jobs: Fall Economic Statement 2018
- Fall Economic Statement Speech
- Backgrounder: A Strong and Growing Economy for the Middle Class
- Backgrounder: Confidence in Canada's Economic Future
- Backgrounder: Building a Canadian Investment Advantage with Targeted Business Tax Enhancements
- Backgrounder: Continued Progress for the Middle Class
- Notice of Ways and Means Motion to Amend the Income Tax Act and the Income Tax Regulations, and Explanatory Notes
- Real Progress for Canada's Middle Class
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, 343-291-3553; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]; Media Relations, Department of Finance Canada, [email protected], 613-369-4000