New federal investments will create tremendous opportunities for entrepreneurs and will save thousands of dollars to potential business owners.
The Canadian federal government will invest in helping small business owners in Quebec to “start-up, scale-up, and access new markets,” said Richard Hébert, Parliamentary Secretary to the Minister of Small Business.
New federal government initiatives will save potential business owners thousands of dollars and give them access to numerous resources that will help their business flourish. Small businesses make up 98% of all Canadian enterprises 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.”
Helping small business owners in Quebec means to reduce the tax rate on small business profits to 9% — one of the lowest income tax rates in the world. This will save entrepreneurs up to C$7,500 per year.
Along with tax savings, the federal government also announced that it would negotiate with credit card companies to lower overall fees when opening accounts for small business owners. The government has also promised to abolish more than 450 federal regulations that impose administrative pressure on small businesses and to improve tax systems.
Hébert says these new initiatives prove that “the Government of Canada is here to support Canada’s small business owners, like the ones in Quebec and surrounding areas, and is committed to helping them succeed.”
Mobile Application for Entrepreneurs
The government has also launched the Canada Business App that helps small business owners better manage their business with a specialized approach. The application will provide an opportunity to get information on public services, receive recommendations for a specific business, set up personalized notifications, and find the answers needed to launch and expand a business, as well as access new markets.