Committed to Helping Our Small Businesses Succeed
Bob Zimmer, MP
A recent article in Forbes magazine ranked Canada as the best place in the world to do business and there is little doubt a large part of that honour is thanks to the hard work of our small business owners.
Whether it is the local hardware store, trucking company, or restaurant, small businesses are the driving force behind both our local and national economy. I have seen firsthand the dedication of our entrepreneurs while travelling throughout the riding, meeting with local Chambers of Commerce and individual business owners.
In order to create the best business environment possible for our entrepreneurs to succeed and grow, our Conservative Government is focused on the economy: keeping taxes low, cutting unnecessary government red tape, promoting Canadian exports in new markets, and supporting our entrepreneurs.
With a small business tax rate reduced down to 11 percent and a corporate tax rate recently reduced down to 15 percent this year, Canada now stands as the most tax-competitive country among developed G-7 countries. As we continue to work toward a return to balanced budgets over the medium term, we have committed to doing so without raising taxes or cutting transfers to Canadians or the provinces.
Many of our nation’s small business entrepreneurs, approximately 30,000 Canada-wide, export their products and services to markets around the world. Our Government’s ambitious trade plan is deepening our trade relationships with high-growth markets. Since 2007, our efforts have led to the signing of nine new trade agreements, including one most recently in China. Toward the end of the year, we are looking forward to completing a trade agreement with the European Union, reducing tariffs to a market of 500 million consumers.
Building on these successes, our Government launched the Red Tape Reduction Action Plan this fall to cut unnecessary red tape in order to save entrepreneurs time and money. The plan includes 90 department-specific reforms—common sense solutions to business irritants in areas ranging from tax and payroll, to labour, transport and trade.
This builds on our actions taken in the Economic Action Plan 2012 to help employers make new hires with the extension of the temporary Hiring Benefit for Small Businesses, while limiting Employment Insurance rate increases. We also introduced the Pooled Registered Pension Plan providing small business entrepreneurs with a framework to provide pensions to employees at a lower cost.
In addition, the Apprenticeship Job Creation Tax, first introduced in Budget 2006, continues to give eligible employers a tax credit equal to ten percent of the wages paid to qualifying apprentices in the first two years of their contract. Over $21 million has been claimed by 1,200 eligible employers for tax year 2011.
As a former small business owner in construction, I understand the important part small businesses play in the Canadian economy, and our Government will continue to support Canada’s entrepreneurs.
For more information on the actions our Conservative Government is taking for small business entrepreneurs, please visit: www.actionplan.gc.ca/en/initiative-glossary/business.