Minister Morneau Talks Competitiveness With Calgary Business Leaders
August 20, 2018 – Calgary, Alberta – Department of Finance Canada
When Canadian businesses have the help they need to build on their success, we are able to grow an economy that benefits all Canadians. By helping to strengthen Canadian competitiveness, the Government is helping local businesses succeed so that they can continue to invest in their communities and create more good, well-paying middle class jobs.
As part of his cross-country discussions with Canadians, Finance Minister Bill Morneau met today with business leaders from Calgary and across Alberta to talk about how the Government and the business community can better work together and adapt strategically to build a more competitive Canada that works for everyone.
Minister Morneau listened to the concerns and suggestions of business leaders, and reaffirmed the Government's commitment to broadening Canada's trade ties, creating global opportunities for Canadian businesses and creating economic benefits for all Canadians. Minister Morneau noted the important role that the energy sector will play in this regard, and highlighted the Government's continued efforts to defend Canadian workers and jobs.
Today's event builds on a number of meetings that Minister Morneau is holding with business leaders across Canada to help inform the Government's responses to immediate challenges, while supporting ongoing efforts to strengthen and grow the economy over the long term.
"Canada is one of the best places in the world to start, grow, and invest in a business, and we're working hard to keep it that way. Canada's economy continues to grow, and we're listening to those in the business community as we address immediate and long-term challenges. Together, we will focus on creating the conditions that will drive economic growth and create good, well-paying jobs for the middle class."
- Bill Morneau, Minister of Finance
Business investment in Canada grew about 8% in 2017, according to Statistics Canada. This represents the fastest rate of growth in five years.
According to the Bank of Canada's Business Outlook Survey, business investment intentions are near their highest point since the recovery from the recession of 2008-2009.
To give Canadian businesses access to new markets and the hundreds of millions of customers they represent, and to ensure that the benefits of trade are felt by more people, the Government has secured new trade and investment deals, including the Comprehensive Economic and Trade Agreement with the European Union, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Recognizing the importance of small businesses to Canadian communities and the economy as a whole, the Government cut the tax rate for Canada's small businesses twice, to 10% in January 2018, with a further reduction to 9% set for January 2019. By this time next year, the combined average income tax rate for Canada's small businesses will be just 12.2%—the lowest in the G7 and the fourth-lowest among members of the Organisation for Economic Co-operation and Development.
To drive economic growth and build a better Canada, the Government is encouraging greater participation by women in the economy, including greater support to help more women-owned companies grow into world-class businesses
In 2016, Canada's energy sector directly employed more than 270,000 people and indirectly supported over 600,000 jobs.
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Office of the Minister of Finance
Department of Finance Canada
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