Saving Small Businesses Time and Money
May 04, 2021

Ottawa Journal (May 04 – May 08, 2021)
David Tilson, M.P.

Since taking office in 2006, our Government has been consistently delivering for small businesses in Canada. We’ve done this through targeted tax cuts, red tape reductions, and increasing access to financing. Our Government recognizes that small businesses are critical to both the short and long-term success of Canada’s economy. It’s for this reason why we’ve continued our efforts to deliver real results to help small businesses to become more competitive.

Our government is delivering for small business with:

  • Tax Savings – More businesses now qualify for the small business tax rate of 11 per cent because we have increased the earnings threshold from $300,000 to $500,000.
  • Reducing Red Tape – Small businesses can spend more time on their success and less time on their paper burden since we achieved our commitment of a 20 per cent reduction in the Federal Government’s paperwork burden for small and medium-sized enterprises.  We understand that entrepreneurs need to focus their attention on running their business and pleasing their customers. The less time they spend filling out forms, the better it is for our economy.
  • Better Access to Financing – To help small businesses manage the challenge of the global economic downturn, we are investing in new loan programs through the Business Development Bank of Canada, as well as increasing loan limits in existing programs.
We have much to be optimistic about here in Canada despite the current global economic downturn. Canada’s economic situation is actually one of the best in the developed world. The economic downturn didn’t start in Canada; however, our Government saw the potential for a slowdown and acted to strengthen the economy. We provided over $60 billion in tax relief for individuals, families, and businesses and we have continued to take action.

Our actions will assist small businesses through this period of economic uncertainty and make Canada more innovative and competitive on the world stage. In 2009, Canadians and businesses will pay $31 billion less in taxes than before we formed Government in 2006.

Small businesses represent 98 per cent of the companies in Canada and employ just under half of the workforce. In challenging economic times, they have been a major source of job creation and employment. Our Government is helping to ensure Canada’s small businesses thrive well into the future.