With the federal election now in full swing, the Liberal Party of Canada is making some promises to cut fees, reduce red tape, and create new funding sources for the country’s small business community.
The party also committed to eliminating fees for three agencies for business advisory services like mentorship and training.
Some of the Liberal government’s commitments include giving 2,000 entrepreneurs a year with as much as $50,000 to launch a new business and $250 to every new business looking to expand their online services. The party is also committing to eliminating all fees from the Business Development Bank of Canada, Export Development Canada, and Farm Credit Canada, for business advisory services like mentorship and training.
“Canada’s economy has rebounded, largely thanks to the hard work of Canadians who started their own businesses,” said leader of the Liberal Party of Canada, Prime Minister Justin Trudeau. “To keep that momentum moving forward, we cut the small business tax rate and now we’re making it possible for anyone with a good idea and a passion for what they do to start their own business and support their communities.”
The party also claimed it would cut the cost of federal incorporation by 75 percent, and eliminate the “swipe fee” on HST and GST for credit transactions, which it claims would save businesses nearly $500 million a year in fees. The government said these new commitments complement some of the government’s prior actions for Canadian SMBs, including regulation adjustments, the Export Diversification Strategy, and cutting the small business tax rate from 11 percent to 9 percent.
The party said although seven out of every 10 Canadians work for small and medium-sized businesses, the costs of doing business is a barrier for many entrepreneurs.
“More support for the wealthiest one percent won’t help the average Canadian get ahead,” said Mr. Trudeau. “Only Liberals have a plan to keep moving forward and give everyone a chance to succeed.”
#DYK as of 2017, 17,657 small businesses in #Mississauga employed 178,112 people? This accounts for 44.5% of the City’s employment! If re-elected, a Liberal gov't will keep this momentum going by cutting fees, reducing red tape & creating funds to support new business owners. https://t.co/UW0MslmepI
— Navdeep Bains (@NavdeepSBains) September 13, 2019
Image courtesy Alex Guibord