NICKEL BELT – GREATER SUDBURY – Marc G. Serré, MP for Nickel Belt, Parliamentary Secretary to the Minister of Energy and Natural Resources, and Parliamentary Secretary to the Minister of Official Languages is pleased to share important new measures aimed at supporting small businesses and protecting Canadian workers from unfair trade practices. These measures are being announced at an ideal moment, coinciding with Small and Medium-Sized Businesses Week held every October 1st – October 4th, 2024 in Canada.
Since 2015, the Federal government has been dedicated to reducing the costs of running a business, allowing small business owners to focus on growth and job creation. The Federal small business tax rate has already been lowered to 9 percent, saving small businesses $6 billion annually. In Budget 2022, this tax rate was expanded to benefit even more small businesses, saving them an additional $660 million from 2022-23 through 2026-27.
In a recent announcement made by Deputy Prime Minister and Minister of Finance Chrystia Freeland, alongside Minister of Small Business Diane O'Regan, Minister of Families, Children and Social Development Jenna Sudds, and Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng, a comprehensive suite of measures was introduced to help small businesses thrive. One key component is the Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion to approximately 600,000 Canadian businesses in provinces where the federal fuel charge applies. Ontario businesses will receive payments based on the number of employees they have, with different amounts allocated for varying employee counts.
|
|
10 employees |
25 employees |
50 employees |
100 employees |
499 employees |
|
Ontario |
$4,010 |
$10,025 |
$20,050 |
$40,100 |
$200,099 |
It’s important to note that the Federal Government's pricing program for large commercial polluters in Canada already exists, known as the Output-Based Pricing System (OBPS), aims to hold these companies accountable while using the proceeds to support initiatives like the Green Infrastructure Fund and the Technology Innovation and Emissions Reduction (TIER) Fund. These programs help businesses invest in greener technologies and practices, facilitating their transition to a more sustainable future.
A recent example of this commitment is MP Serré's announcement of $2.5 million in funding, supported by the Green Infrastructure Fund, to assist Glencore with the electrification of underground equipment, demonstrating dedication to reducing emissions in the mining sector and incentivizing their development.
For small businesses, a revised Code of Conduct for the Payment Card Industry will take effect on October 30, 2024, ensuring better protection for over 1 million businesses that accept card payments. This includes measures to help businesses compare processing fees and significantly reduce complaint wait times.
Furthermore, starting October 19, 2024, small businesses will benefit from reduced credit card transaction fees, allowing over 90 percent of small- and medium-sized businesses to decrease their interchange fees by up to 27 percent, which translates to approximately $1 billion in savings over five years.
“The new measures represent a significant investment in our small businesses, which are the backbone of our economy,” said Serré. “These initiatives will not only ease financial burdens for entrepreneurs in Nickel Belt and across Northern Ontario but will also foster growth and job creation in our communities. I continue to work closely with our Chambers of Commerce, the business community, Indigenous partners, and entrepreneurs to advocate for their needs. Together, we can build a stronger economic future for all.”.
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Link
Canada Carbon Rebate for Small Businesses Payment Amounts, 2019-20 to 2023-24
Canada cuts carbon pollution with funding for Glencore Canada Corporation project
Media Contact:
Kaylie Dudgeon – Communications Manager
Marc G. Serré MP Nickel Belt and Parliamentary Secretary to the Minister Energy and Natural Resources and Parliamentary Secretary of Official Languages
705-507-2416
[email protected]
705-897-2222
Please call to book an appointment. Veuillez appeler pour prendre rendez-vous.
705-580-2584
Please call to book an appointment. Veuillez appeler pour prendre rendez-vous.
