Ensuring that Canadian small and medium-sized enterprises have the tools they need as they expand to new markets is key to the government’s pro-growth, pro-jobs plan, says Minister Fast
May 7, 2015 - Ottawa, Ontario - Foreign Affairs, Trade and Development Canada
The Honourable Ed Fast, Minister of International Trade, today met with his Small and Medium-Sized Enterprises (SME) Advisory Board, where he emphasized the government’s commitment to helping more SMEs export and take advantage of the newly created market opportunities around the world.
The 18 members of the SME Advisory Board are small business owners from across Canada who are active in international markets from key sectors of the economy. The Board provides advice and real-world perspectives to ensure that Canada’s Global Markets Action Plan (GMAP) continues to reflect the priorities, needs and interests of Canadian SMEs.
Minister Fast highlighted recent trade promotion initiatives under the GMAP:
- 18 Go Global export workshops delivered across Canada, attracting more than 2,000 SME representatives;
- $50 million committed over five years in direct financial assistance for Canadian SMEs for market research and participation in trade missions, which is expected to help between 500 and 1,000 Canadian entrepreneurs each year reach their full export potential;
- $42 million over five years to expand the Canadian Trade Commissioner Service, with $9.2 million per year thereafter, building on the government’s recent expansion of Canada’s trade support;
- four new trade offices in China, bringing the total number of offices to 15, and more than 100 trade commissioners;
- support network in India strengthened to include eight offices and nearly 50 trade commissioners on the ground;
- 27 trade commissioners embedded in business associations across Canada to help them gain better insight into the needs of export-oriented industries;
- a historic trade mission to South Korea, led by Minister Fast with more than 100 Canadian SMEs participating, to take advantage of the Canada-Korea Free Trade Agreement; and
- new Canadian Technology Accelerator sessions that support innovative Canadian start-ups.
The Harper government has taken significant steps to improve support for SMEs, including:
- reducing the small business tax rate from 11 percent to 9 percent by 2019;
- increasing the income limit for applying the small-business tax rate from $300,000 to $500,000;
- implementing the “one-for-one rule” to cut unnecessary red tape, saving Canadian businesses more than $22 million in administrative costs as of June 2014, as well as 290,000 hours in time spent dealing with red tape;
- launching the Venture Capital Action Plan to improve access to capital for innovative entrepreneurs;
- supporting the hiring of apprentices with the Apprenticeship Job Creation Tax Credit, a non-refundable tax credit equal to 10 percent of the eligible salaries and wages payable to eligible apprentices; and
- increasing the lifetime capital gains exemption (LCGE) limit for small business owners from $500,000 to $800,000 and indexing it to inflation, which increased the 2015 LCGE limit to $813,600.
With GMAP, through economic diplomacy and under a whole-of-government approach to exporting, the Harper government has revolutionized Canada’s trade-promotion efforts by ensuring that Canadian businesses receive the full range of support and services they need to find real export success in global markets. This creates jobs and opportunities for workers and their families here in Canada.
Minister Fast invited the SME board members to encourage Canadian SMEs to join him on his upcoming trade mission to the Philippines, which will take place from May 24 to 28, 2015, and to participate in a Go Global export workshop across Canada.
Max Moncaster
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
343-203-7332
Media Relations Office
Foreign Affairs, Trade and Development Canada
343-203-7700
media@international.gc.ca
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