The recently announced 2015 budget plan includes some promising clauses that will help small businesses in Canada and likely help pave the way for a new generation of entrepreneurial development.
Ottawa will gradually reduce the small business tax rate to nine per cent from 11 per cent, beginning in 2016. This is the most significant such reduction in 25 years according to Finance Minister Joe Oliver. The announcement, combined with similar governmental efforts to regulate credit card processing fees and changes to employment insurance premiums, looks to change the financial outlook for small business owners across the country. Find further details at the Canadian Ministry of Finance by clicking here.
Other notes include support for specific programs offering targeted incentives for women entrepreneurs and Futurpreneur Canada: the latter specifically of importance given the fact that over 50 percent of small businesses in Canada are operated by people between the ages of 50 and 64. A new generation of small business owners is preparing to make their own contribution to the Canadian economy. As larger and foreign-owned businesses experience challenges in Canadian markets, the importance of small business growth should be a focus for continued economic stability.