Canada's Minister of Small Business and Export Promotion shared how the federal government is helping small business owners start up, scale up, and access new markets
WATERLOO, ON, March 14, 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.
This week, the Honourable Mary Ng, Canada's Minister of Small Business and Export Promotion, was in Oakville, Toronto, London, and Waterloo to meet with entrepreneurs and small business owners.
On March 12, Minister Ng began her day in Oakville with a roundtable discussion with small business owners and members of the Oakville Chamber of Commerce and the Halton Global Business Centre. She then joined Arif Virani, Member of Parliament for Parkdale–High Park, to meet with female entrepreneurs at the Parkdale Centre for Innovation.
On March 13, Minister Ng joined the Honourable Kirsty Duncan, Minister of Science and Sport, to announce federal research infrastructure funding through the Canada Foundation for Innovation's John R. Evans Leaders Fund competition at Western University. They were joined by Kate Young, Member of Parliament for London West and Parliamentary Secretary to the Minister of Science and Sport, and Peter Fragiskatos, Member of Parliament for London North Centre. She continued her day by discussing the government's supports for small businesses at a fireside chat with the London Chamber of Commerce.
On March 14, Minister Ng discussed the government's supports for start-ups and entrepreneurs at a fireside chat, hosted by Communitech. She concluded her trip by announcing a government investment of up to $100,000 in Deep Trekker Inc., through the Women Entrepreneurship Strategy.
When meeting with small business owners, Minister Ng shared the government's many initiatives that are making it easier for small business owners to do business, like:
- 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;
- 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 amount 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 Oakville, Toronto, London, Waterloo, and communities across the country succeed, our economy grows and middle-class jobs are created."
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
"London's economy is underpinned by small business. We were fortunate to meet with many stakeholders today and listened to their ideas about what more we can do to strengthen the Canadian economy so that our small businesses can keep thriving. Aided by policies introduced by our federal government—including the reduction of the small business tax rate to 9 percent—London's economy is moving in a strong direction, and we will work hard to ensure this continues."
– Peter Fragiskatos, Member of Parliament for London North Centre
- 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]