Here’s How the Federal Government is Helping Small Businesses in Oakville

Halton | Oakville | Ontario | Latest News |

Published March 18, 2019 at 4:44 pm

Small businesses are crucial to the Town of Oakville – and other towns and cities in Canada in general.

Small businesses are crucial to the Town of Oakville – and other towns and cities in Canada in general. In fact, according to a recent press release, small businesses make up 98 per cent of all Canadian businesses and employ eight million Canadians across the country.

Small businesses play a huge roll in the lives of many Canadians, and now the federal government has commented on how it is helping small business owners start up, grow, and access new markets.

Recently, Mary Ng, Canada’s Minister of Small Business and Export Promotion, went to several locations across Ontario to meet with entrepreneurs and small business owners. These locations included Toronto, London, Waterloo, and Oakville.

Minister Ng was in the Town of Oakville on March 12. She kicked the day off with a roundtable discussion with small business owners and members of the Oakville Chamber of Commerce and the Halton Global Business Centre.

When meeting with business owners, Minister Ng discussed initiatives that the government is implementing in order to make it easier for owners to do business. 

Some of these initiatives include lowering the small business tax rate to 9 per cent, getting credit card companies to lower the fees they charge businesses when their customers use credit cards, and investing $2 billion to help double the amount of women-owned businesses by 2025.

These initiatives, according to Ng, will help improve the Canadian economy.  

“When small businesses in Oakville, Toronto, London, Waterloo, and communities across the country succeed, our economy grows and middle-class jobs are created,” Ng said in the release.  

Other initiatives include introducing an investment incentive, the Accelerated Investment Incentive, which will allow businesses to write off a larger share of the cost of newly acquired assets in the year the investment is made, and cutting over 450 federal rules that impose an administrative burden on business.

Ng finished her three-day trip by announcing a government investment of up to $100,000 in Deep Trekker Inc., through the Women Entrepreneurship Strategy. 

What do you think of these initiatives?

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