Small businesses are the backbone of the Canadian economy. They make up 98% of all Canadian businesses, are responsible for 52% of Canadian GDP generated by private sector businesses, and employ over 8 million hard working Canadians from coast to coast to coast! In Winnipeg South, we have many local small businesses, restaurants, stores, services and artists that employ hundreds of Winnipeggers, and are crucial to our economy in Manitoba. The Government of Canada is small-business-friendly and we are working hard to reduce red tape and make it easier for entrepreneurs to do business.
Our federal government is helping small businesses save money – up to $7,500 more per year – by lowering the Small Business Tax Rate to 9% in 2019, which means that small business owners can reinvest these savings in their businesses and create more jobs. This tax rate is the lowest among G7 countries, lower than in France, Germany, and even Japan. Our federal government is also working with credit card companies to lower the fees that they charge businesses, saving small business owners $15,000 a year, and creating programs that offer entrepreneurs funding, debt relief, advice and even paid internships to hire necessary staff. Our Canada Summer Jobs program is another way we provide small businesses with the funding to hire summer students who can gain valuable job training and skills. In Winnipeg South alone, we created over 800 jobs for students this summer, and many small businesses in our riding have benefited from this funding.
Starting a small business takes courage, leadership, and hard work, and it is imperative that we support small business owners. I am proud that our federal government is committed to helping entrepreneurs succeed through our programs, funding, and tax cuts. Entrepreneurs play an important role in our communities. I want to thank all small business owners and entrepreneurs, particularly in Winnipeg South, for their dedication in making our communities better places to live, work and play through their services.