The Federal Government is providing huge investment into helping small business owners in Quebec "start-up, scale-up, and access new markets," according to an announcement made today by Richard Hébert, Parliamentary Secretary to the Minister of Small Business.
Hébert was in Quebec today to meet with various entrepreneurs and small business owners, and to outline the details of the Federal Government's new initiatives to invest in the province.
These new initiatives will save potential business owners thousands of dollars and give them access to numerous resources to help their businesses thrive. Small businesses make up 98% of all Canadian businesses and are the backbone of the economy.
According to The Honourable Mary Ng, Minister of Small Business and Export Promotion, "when small businesses in communities across the country succeed, our economy grows and middle-class jobs are created."
Canada will help small business owners in Quebec chiefly by lowering the small business tax rate to 9% — one of the lowest business tax rates in the world. This will save business owners up to $7,500 a year.
Along with tax savings, the Federal Government also announced that it will negotiate with credit card companies to lower the overall fees when small business owners register with them. They will also begin to remove over 450 federal rules that impose administrative pressure on small business and improve tax systems to help businesses write off essential machinery.
Hébert says that these new initiatives prove that "the Government of Canada is here to support Canada's small business owners, like the ones in Québec and surrounding areas, and is committed to helping them succeed".
The government will also launch the Canada Business App, which helps small business owners better manage their business with a tailored, app-based approach. The app apparently "brings the world of government programs and services to users' fingertips and provides helpful notifications."
Also coming is a $2 billion dollar investment into small businesses owned by women. According to the official report, Canada wants to double the number of women-owned small businesses by 2025.
To allow small businesses to grow and thrive, the Federal Government will allow unprecedented access into the Canada-European Union Comprehensive Economic and Trade Agreement (CETA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Canada-United States-Mexico Agreement (CUSMA/USMCA). This will open up Quebec businesses to over a billion new customers.
To find out more about Canadian innovation for small business growth, visit Innovation, Science and Economic Development Canada's official website.
Small businesses will help the province thrive and these new Federal investments will hopefully grow Quebec's economic strength both locally and internationally.