Oshawa, September 14, 2011

Archived - Government of Canada Promotes Economic Prosperity Through Support for Small Business

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The Honourable Jim Flaherty, Minister of Finance, today highlighted the substantial action the Government has taken to encourage growth and create jobs through support for small businesses and entrepreneurs while protecting our environment for the benefit of future generations.

“Canada is blessed with an entrepreneurial sector with the creativity, talent and energy to seize the opportunities this country is creating,” the Minister told members of Landscape Ontario. “Under the Next Phase of Canada’s Economic Action Plan, our Government will continue to work on creating the right conditions to help the creators of jobs and growth to succeed.”

The Government believes that the best way to build a more competitive economy is to reduce taxes and eliminate red tape. Minister Flaherty highlighted a number of key government initiatives in this respect, including reducing the small business tax rate from 12 per cent to 11 per cent, raising the amount of business income eligible for that rate from $300,000 to $500,000, and reducing the burden of federal regulatory requirements on Canadian enterprises. In this respect, he noted that the government-created Red Tape Reduction Commission, which recently issued a report entitled “What Was Heard” Report—Cutting Red Tape…Freeing Business to Grow, is now working directly with federal departments, agencies and other regulatory bodies to identify lasting solutions that will reduce the compliance burden for businesses, including small businesses.

The Minister concluded by emphasizing that the environment and the economy are inextricably linked, and that by ensuring that Canada has a clean and healthy environment we will be able to build an economy strong enough to maintain the enviable standard of living Canadians have come to expect.

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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