According to the Canadian Federation of Independent Businesses (CFIB), small- and mediumsized businesses employ 70% of the total private sector workforce in Canada. Since 2006, the federal government has introduced numerous measures to support small business growth – including the temporary hiring credit and the EI rate freeze. In total, small businesses have seen their taxes reduced by 34% since 2006.
The Small Business Job Credit will reduce EI premiums by 15% for the next two years. Any firm that pays employer EI premiums equal to or less than $15,000 in those years will be eligible for the credit, which will be applied automatically.
The results are showing: we have created over 1.1 million net new jobs since July 2009 (over 82% full-time and 78% private sector), we are projected to have among the strongest economic growth in the G7 in the years ahead, and Bloomberg has recently ranked Canada as the 2nd best country in the world to do business.
I am proud of our Government’s record and I look forward to continuing to work with small businesses in the community to reinforce our commitment to low taxes, economic growth, and long-term prosperity.