Budget 2015: Supporting Job-Creating Small Businesses

Small businesses are the backbone of the Canadian economy. They account for 50 per cent the total private sector workforce.

The Economic Action Plan 2015 provides significant support to small businesses by:

  • Reducing the small business tax rate to 9 per cent by 2019
  • Increasing the Lifetime Capital Gains Exemption to $1 million
  • Improving access to financing for Canadian small businesses through Canada Small business Financing Program and Employment Insurance (EI) premium freezes for 3 years
  • Expanding the services offered through the Business Development Bank of Canada and Export Development Canada
  • Encourage investment in Canada’s Manufacturing Sector by providing an accelerated capital cost allowance at a rate of 50 per cent on a declining-balance basis for machinery and equipment used in manufacturing and processing acquired after 2015 and before 2026
  • Providing $14 million over two years to Futurpreneur Canada in support of young entrepreneurs
  • Supporting Action Plan for Women Entrepreneurs

Canadian Federation of Independent Business: “gives 2015 budget an “A”. According to the Canadian Federation of Independent Business (CFIB), small business owners across the country will be thrilled to see several small business friendly measures in the 2015 budget, particularly the 18 per cent reduction in the small business corporate tax rate over the next four years. This builds on earlier announcements of Employment Insurance premium relief, new measures to address credit card fees and balanced budget legislation.”

More on Supporting Job Creating Businesses

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