Government of Canada Delivers Benefits for Small Businesses

April 28, 2009

Ottawa – Ted Menzies, Member of Parliament for Macleod and Parliamentary Secretary to the Minister of Finance, is pleased to announce that the Government of Canada is continuing to deliver benefits for small business through our Economic Action Plan.  Targeted tax cuts, red tape reductions and increasing access to financing have all been part of the Conservative government’s small business strategy.

“Small businesses are critical to both the short and long‐term success of Canada’s economy,” said Menzies. “Our Conservative government continues to deliver real results to help small businesses in our community be more competitive.”

The Conservative government is delivering for small business with:

• Tax Savings – More businesses now qualify for the small business tax rate of 11% because we have increased the earnings threshold from $300,000 to $500,000.
• Reducing Red Tape – Small Businesses can spend more time on their success and less time on their paper burden since our we achieved our commitment of a 20% reduction in the federal government’s paperwork burden for small and medium‐sized enterprises.
• Better Access to Financing – To help small businesses manage the challenge of the global economic downturn, we are investing in new loan programs through the Business Development Bank of Canada, as well as increasing loan limits in existing programs.

“I’m pleased to report that, as of 2009, our government has achieved our commitment of a 20% reduction in paperwork and red tape for small businesses,” said Menzies. “Entrepreneurs need to focus their attention on running their business and pleasing their customers. The less time they spend filling out government forms, the better it is for our economy.”

Small businesses represent 98% of the companies in Canada and employ just under half of the workforce. In challenging economic times, they have been a major source of job creation and employment. Our government is helping to make sure Canada’s small business thrive.