Minister Ien highlights investments in economic growth and tax cuts for small and medium businesses in Budget 2022
News release
April 12, 2022 Mississauga, Ontario
Through Budget 2022: A Plan to Grow Our Economy and Make Life More Affordable, the Government of Canada will make targeted and responsible investments to create good jobs, grow the economy, and build a Canada where nobody gets left behind.
Today, Iqwinder Gaheer, Member of Parliament of Mississauga-Malton and the Honourable Marci Ien, Minister for Women and Gender Equality and Youth, met with Panela Baking Factory to highlight the government’s plan to grow the economy, create good middle-class jobs and show support for small and medium businesses as they grow.
Budget 2022 proposes launching a new world-leading Canada Growth Fund that will attract tens of billions of dollars in private investment in Canadian industries and Canadian jobs and a new innovation and investment agency that will help drive productivity and growth across our economy. The Budget also includes steps to build more resilient supply chains and cut taxes for Canada’s growing small and medium businesses.
Canada entered the pandemic with the lowest net debt-to-GDP ratio of all G7 countries – an advantage that has since increased relative to other countries. Canada has seen the best jobs recovery in the G7 and, as of March 2022, had recovered 115 percent of the jobs lost at the height of the pandemic with an unemployment rate that sits at just 5.3 percent – the lowest rate on record since 1976.
With Budget 2022, Canada will maintain this leading position and its fiscally responsible approach by supporting economic growth and building an economy that works for everyone. Crucially, it upholds the Government of Canada’s fiscal anchor – a declining debt-to-GDP ratio and the unwinding of COVID-19 related deficits, which will ensure that Canada’s finances remain sustainable in the long term.
Quotes
“This Budget is all about making sure that Canadians from coast-to coast-to-coast can benefit from a growing economy. Our path forward is clear – we will create good jobs, help small and medium-sized businesses get back on their feet, and support them as they grow. Cutting taxes for businesses is the right thing to do and will ensure that we are building a stronger and more resilient Canada where no one is left behind.”
The Honourable Marci Ien, Minister for Women and Gender Equality and Youth
“Businesses like the Panela Baking Factory right here in Mississauga remind us that small businesses are the backbone of our country. Starting as small café, they have grown into a thriving company that sells their products through local retailers right across North America. Their story is one of many across the Peel Region and across Canada, and our government will continue supporting companies like theirs through the measures in Budget 2022.”
Iqwinder Gaheer, Member of Parliament for Mississauga—Malton
Quick facts
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Some Measures in Budget 2022 to foster economic growth and cut taxes for small and medium businesses include:
- A temporary Canada Recovery Dividend, representing a one-time 15 percent tax on the 2021 taxable income above $1 billion of Canada’s largest banking and life insurers’ groups, to help support Canada’s broader recovery
- A permanent 1.5 percentage point increase in the corporate income tax rate of banking and life insurance groups on taxable income above $100 million.
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Contacts
Riyadh Nazerally
Director of Communications
Office of the Minister for Women and Gender Equality and Youth
873-455-4846
riyadh.nazerally@fegc-wage.gc.ca
Media Relations
Women and Gender Equality Canada
819-420-6530
CFC.Media.SWC@fegc-wage.gc.ca
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