MP Brown presents a Canadian Innovation Leader Certificate to Perry Rizzo, President of Axiom Group.



Newmarket-Aurora MP Lois Brown today highlighted the Government of Canada’s support for small and medium size businesses in recognition of Small Business Week October 16 to 22.

“Small and medium-sized businesses are the engine of Canada’s economic growth,” said MP Brown. “Given the importance of these enterprises to our economic well-being, it is vital to ensure that they are supported in their efforts to remain strong and viable.”

Budget 2011, the Next Phase of Canada’s Economic Action Plan, supports small businesses by:

• A new Hiring Credit for Small Business: a temporary one-time credit of up to $1,000 against a small firm’s increase in its 2011 Employment Insurance (EI) premiums over those paid in 2010.  This new credit will help up to 525,000 employers defray the costs of additional hiring.
• Reducing Red Tape: upgrading the BizPal service and further consulting Canadians through the Red Tape Reduction Commission to help reduce unnecessary and ineffective regulations so small businesses can focus on growing and creating jobs.
• Supporting Youth Entrepreneurs: $20 million to support the Canadian Youth Business Foundation’s activities.  The Foundation works with young entrepreneurs to help them become the business leaders of tomorrow through mentorship, learning resources, and start-up financing.
• Extending Work-Sharing Arrangements to Help Businesses Keep Workers: $10 million in additional support to assist those employers that continue to face challenges by making available an extension of up to 16 weeks for active or recently terminated work-sharing agreements.
• Extending the Accelerated Capital Cost Allowance: to help manufacturers and processors make new investments in manufacturing and processing machinery and equipment.

These measures build on top of the Government’s significant action to reduce taxation for small businesses which includes increasing the ‘small business limit’ to $500,000 (referring to the amount of income earned by small businesses eligible for the reduced federal tax rate), reducing the small business tax rate from 12 percent to 11 percent and increasing the Lifetime Capital Gains Exemption from $500,000 to $750,000.

“Small business owners and entrepreneurs in Newmarket-Aurora are the backbone of our local economy and contribute to the quality of life in our community,” said MP Brown. “By reducing red tape and keeping taxes low our Government is doing its share to support the efforts of this vital sector.”

The Government of Canada has declared 2011 the Year of the Entrepreneur in recognition of the importance of the small business sector.