Toronto, June 2, 2011
Archived - Minister of State Menzies Commemorates 40th Anniversary of Canadian Federation of Independent Business
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The Honourable Ted Menzies, Minister of State (Finance), today took part in commemorative celebrations marking the 40th anniversary of the Canadian Federation of Independent Business (CFIB).
“By helping to raise public awareness of the economic challenges and opportunities at hand and encouraging a culture of entrepreneurship, the CFIB has played a central role in keeping Canada competitive, prosperous and growing,” Minster Menzies said in his address to the commemoration’s audience.
In recognition of the CFIB’s long-term contribution to Canada’s economy, on January 25 Prime Minister Stephen Harper declared 2011 as the Year of the Entrepreneur.
“This year—the Year of the Entrepreneur—is also the year that the entrepreneurial sector proved, once and for all, that it is truly deserving of the title ‘the engine of Canada’s economy,’” said Minister Menzies. “This is evidenced by the outstanding performance of this sector in driving job creation, growth and recovery in the aftermath of the global financial crisis and recession.”
The Government has introduced a comprehensive range of measures to help maximize the economic potential of the entrepreneurial sector in Canada:
- A reduction in the small business tax rate to 11 per cent from 12 per cent, an increase in the amount of business income eligible for that rate to $500,000 from $300,000, and an increase in the Lifetime Capital Gains Exemption on qualified small business shares to $750,000 from $500,000. In total, actions taken by the Government since 2006 will reduce taxes on individuals, families and businesses by about $220 billion over 2008-09 and the following five fiscal years.
- Limits on Employment Insurance (EI) premium rate increases going forward, and we have committed to implement a temporary Hiring Credit for Small Business of up to $1,000 against a small employer’s increase in its 2011 EI premiums over those paid in 2010.
- Enrichments to the Canada Small Business Financing Program, which supports about $1 billion in loans to approximately 7,500 small businesses each year.
- The elimination of almost 80,000 red tape requirements, which will be of particular benefit to small and medium-sized businesses.
- Substantial investments in training, research and development, commercialization, entrepreneurship and accessing new markets.
“Because Canada’s continued economic recovery will depend on the private sector, our goal is to make it easier for small businesses to succeed,” said Minster Menzies. “This is particularly crucial now that the targeted stimulus from the first phase of our Economic Action Plan is winding down as scheduled. In this regard, the CFIB and the Government of Canada are working in common purpose, as never before, to strengthen our economy and create jobs for Canadians.”
For further information, media may contact:
Office of the Minister of State (Finance)
Department of Finance
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