Minister Morneau Talks Competitiveness With Mississauga Business Leaders
August 7, 2018 – Mississauga, Ontario – Department of Finance Canada
Like Canada’s business leaders, the Government of Canada is focused on doing what it takes to help people compete and succeed. That includes investing to strengthen and grow the middle class, help create good, well-paying jobs, and build an economy that works for everyone. It’s a plan that will deliver long-term economic growth, while giving people the help they need to succeed today.
The Government also recognizes that the best plans are driven by evidence, and adapt to changing circumstances when needed. Recognizing that businesses are anxious about what the future holds—especially in light of the ongoing renegotiation of the North American Free Trade Agreement, recent tariff decisions by the U.S., and the effects of the U.S. tax reform—Finance Minister Bill Morneau today met with Mississauga business leaders to hear their concerns, and talk about how the Government and the business community can work together to build a more competitive Canada that works for everyone.
This event, hosted by Canadian Manufacturers & Exporters, is one in a series of meetings that Minister Morneau is holding with business leaders across the country. The meetings will help inform the Government’s responses to immediate challenges, while supporting ongoing efforts to strengthen and grow the economy over the long term.
“Make no mistake—Canadians are competitive. They work hard, compete, and succeed. Our job as a government is to help more Canadians and more Canadian businesses build on that success, and grow the economy for the benefit of everyone. In this meeting and in others, I’m listening carefully to what Canadians have to say. Their experiences will guide us as we move forward, and together we will make sure that Canada remains one of the best places in the world to start, grow, and invest in a business.”
- 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 third-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.
Media may contact:
Office of the Minister of Finance
Department of Finance Canada
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