Canada is leading the developed world in job creation with over 1 million jobs created since July 2009. If that doesn’t surprise you, then this might — most private sector jobs are created by small businesses.  Our Government’s top priority is the economy.  We are working to establish a better business environment so that small businesses can create jobs and growth. What that means, first and foremost, is keeping taxes low and cutting red tape.

"Our Government’s top priority is the economy.  We are working to establish a better business environment so that small businesses can create jobs and growth."

Creating opportunity

Low taxes can create jobs. When small businesses told us that global economic uncertainty was having a negative impact on business, we introduced the Hiring Credit for Small Business.  This measure provides a tax credit of up to $1,000 to help defray costs of hiring a new employee. This year, we expanded and extended the credit and expect over half a million small businesses to take advantage of it.

But we didn’t stop there. By freezing EI premium rates for three years, we are keeping $600 million in the pockets of small businesses. We also expanded the Lifetime Capital Gains Exemption to $800 000 and indexed it to inflation, so small businesses can keep more of the money earned over a lifetime for retirement.

"Canada is one of the most tax-competitive countries in the world...We promise to keep it that way."

Removing red tape

To boot, with a small business tax rate lowered to 11 percent and a corporate tax rate recently reduced to 15 percent, Canada is one of the most tax-competitive countries in the world. We promise to keep it that way — working towards balancing the budget by 2015 without raising taxes or cutting transfers to Canadians, the provinces or the territories.

Progress is being made on reducing the biggest headache facing small businesses: costly, burdensome and unnecessary red tape. There are now fewer regulations and the cost of red tape has been reduced by almost $20 million annually. 

We’re also helping small businesses expand to lucrative markets like the EU.  The Canada-EU trade deal will support Canadian small businesses by eliminating tariffs and removing red tape.

We are committed to supporting small businesses and will continue to look at ways to help them remain competitive — at home and in the global marketplace.