ONTARIO, Canada – Prime minister, Justin Trudeau, on Tuesday, highlighted key measures included in Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable to help small and medium-sized businesses.
The measures proposed in Budget 2022 include:
- Cutting taxes for Canada’s growing small businesses by ensuring growing businesses can take advantage of Canada’s low small business tax rate until their taxable capital reaches $50 million, rather than $15 million. This will encourage small businesses to continue growing and creating jobs.
- Growing Canada’s health-focused small and medium-sized businesses by investing $30 million to expand the Coordinated Accessible National Health Network to Quebec, the territories, and Indigenous communities to help health technology businesses grow, create good middle class jobs, and deliver better care to Canadians.
- Increasing access to Canada’s trade remedy system by providing $4.7 million over five years and $1.1 million ongoing to create a Trade Remedy Counselling Unit within the Canada Border Services Agency to help companies understand and access Canada’s trade remedy system, with a focus on small and medium-sized enterprises.
- Encouraging employee ownership of a business by creating the Employee Ownership Trust under the Income Tax Act to facilitate the transition of privately owned businesses to employees.
- Supporting recovery and growth for businesses by making smart investments to minimize the impacts of changes in global trade and other disruptions on sectors including transport, agriculture, and tourism and help them increase economic activity.
- Continuing consultations to reduce credit card transaction fees in a way that benefits small businesses and protects existing reward points for consumers.
Budget 2022 is proposing strategic investments and measures to ensure that small and medium-sized businesses continue to drive economic growth, create good middle-class jobs, and lead global production and innovation – now and for decades to come.
The prime minister’s office – communications, noted that: “Small and medium-sized businesses are the backbone of the Canadian economy and the heart of our communities. That’s why the government of Canada is proposing new measures in budget 2022 to support small and medium-sized businesses so they can grow, innovate, and stay competitive, while creating good, middle-class jobs.”