Archived - In Kitchener-Waterloo, Minister Oliver Outlines Support for Small Businesses and Manufacturers in Economic Action Plan 2015
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EAP 2015 balances the budget, and supports a low-tax plan to create jobs, growth, and long-term prosperity
April 23, 2015 – Kitchener, Ontario – Department of Finance
Touring Christie Digital Systems Canada Inc. in Kitchener, Finance Minister Joe Oliver told Ontarians about key measures in Economic Action Plan 2015 that will benefit Canadian businesses in Ontario, and enhance Waterloo Region’s famous innovation advantage.
These measures include:
- Reducing the small business tax rate to 9 per cent by 2019; this will be the largest tax rate cut for small businesses in more than 25 years.
- Providing manufacturers with an accelerated capital cost allowance for machinery and equipment, boosting productivity-enhancing investment.
- And investing up to $100 million over five years to support new product development by Canadian automotive parts suppliers—many of which are small and medium-sized businesses—through the new Automotive Supplier Innovation Program.
The Government’s Economic Action Plan is working, and producing clear results. Minister Oliver noted that according to KPMG, total business tax costs in Canada are the lowest in the Group of Seven (G-7)—46 per cent lower than those in the United States—and Bloomberg has ranked Canada as the second most attractive place to do business in the world.
Economic Action Plan 2015 builds on the Government’s plan for jobs and growth by:
- Supporting job-creating businesses by helping small businesses grow, fostering entrepreneurship, and cutting red tape.
- Creating the conditions for businesses to succeed by cutting taxes further, responsibly developing Canada’s natural resources, expanding markets abroad, and investing in infrastructure.
- Investing in world-class research at universities and colleges and supporting business innovation.
- Connecting Canadians with available jobs by helping them acquire the skills that will get them new and better jobs.
"When I came to Kitchener-Waterloo last August, I told Ontarians I wanted to deliver a budget that makes them proud, reflects their values, and serves their interests. Economic Action Plan 2015 does exactly that. It cuts taxes for Canadians, families, and businesses, invests to create jobs, and takes action to protect Canadians. It is a balanced budget, just as we promised. Canadians are safe, secure, and more prosperous under the strong leadership of Prime Minister Stephen Harper."
- Joe Oliver, Minister of Finance
Director of Communications
Office of the Minister of Finance
Department of Finance