A re-elected Liberal government will make it easier and more affordable for hard-working Canadians to start and grow their own businesses.
Small businesses are the backbone of the Canadian economy, and they’re often the shops that define our neighbourhoods. Yet for too many people who want to start their own businesses the costs can be a barrier.
“After a decade of stalled economic growth and unemployment under the Conservatives, 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, Justin Trudeau.
In addition to cutting the small business tax rate from 11 per cent to 9 per cent, a re-elected Liberal government will remove barriers to success by cutting fees, reducing red tape, and creating funds for new business owners to find support. We will also:
- provide up to 2,000 entrepreneurs a year with as much as $50,000 to launch a new business;
- give $250 to every new business looking to expand their online services;
- eliminate all fees from the Business Development Bank of Canada (BDC), Export Development Canada (EDC), and Farm Credit Canada, for business advisory services like mentorship and training;
- cut the cost of federal incorporation by 75 per cent; and
- eliminate the “swipe fee” on HST and GST for credit transactions — which will save businesses nearly $500 million a year in fees, according to the Canadian Federation of Independent Business.
These measures build on four years of strong Liberal support for small- and medium-sized businesses in Canada, including:
- cutting the small business tax rate to 9% — the lowest rate in the G7 — which saves businesses as much as $7,500 per year;
- allowing businesses to write-off job creating investments;
- making regulations smarter and eliminating unnecessary and outdated regulations; and
- opening up new markets for businesses by introducing the Export Diversification Strategy.
“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.”