THUNDER BAY – POLITICS 2.0 — A re-elected Liberal government will make it easier and more affordable for hard-working Canadians to start and grow their own businesses.
Thunder Bay-Superior North Liberal candidate Patty Hajdu states, “Small businesses are essential to the economy of Northern Ontario. Today’s announcement builds on the work we’ve already done- like cutting the small business tax rate to 9% and making it easier for small business owners to create more jobs. It will help more small business owners thrive by eliminating unnecessary fees and it will help new entrepreneurs start their business through enhanced financial support. A Liberal government will support small business owners and entrepreneurs to expand, create more middle-class jobs, and continue to grow our economy.”
The Liberal campaign says “Right now, seven out of every ten Canadians work for small and medium-sized businesses — making them Canada’s largest employers and drivers of our economy. Yet for too many entrepreneurs, the cost of doing business is a barrier.”
“The Liberal government’s commitment to small business in today’s announcement will provide a big boost to my efforts to make Thunder Bay-Rainy River a stronger and healthier place to live,” says Marcus Powlowski, the Liberal candidate in Thunder Bay-Rainy River. “The goods and services small business provide are an important part of the social fabric of Northwestern Ontario”.
“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. “To keep that momentum moving forward, we cut the small business tax rate and now we’re making it possible for anyone with a good idea and a passion for what they do to start their own business and support their communities.”
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 nine per cent — 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.”