Ottawa, ON – Brad Vis, Conservative Shadow Minister for Small Business, issued the following statement on the Conservative Party of Canada’s new small business policies and tax reform proposals aimed at reducing administrative burdens on small businesses and helping entrepreneurs reinvest in growth:
“Small businesses are the backbone of communities across Canada. They are the family-run shops, farmers, contractors, manufacturers, and entrepreneurs who take risks, invest their own savings, create jobs, and strengthen the communities they call home.
“Their success does not come easy; it comes from hard work and determination. Government policy should be making it easier for them to succeed, not harder. Yet over the past decades, while Canada’s economy has changed dramatically, many of the rules affecting small businesses have not been modernized to reflect those changes.
“That’s why Conservatives are announcing two tax reforms aimed at reducing barriers for small businesses and supporting growth:
- Increase the GST/HST small-supplier threshold from $30,000 to $60,000, indexed to inflation going forward.
- Increase the federal Small Business Deduction business limit from $500,000 to $700,000, indexed to inflation going forward.
“These policies reflect our broader Economic Action Plan that helps Canadians keep more of what they earn and get ahead. While these two proposals will not fix Canada’s tax system on their own, they will make it easier to start and grow a business and keep investing in Canada.
“Small business owners should be spending their time serving customers, developing new products, and creating jobs, not navigating unnecessary administrative burdens. If we want a stronger Canadian economy, we need stronger Canadian businesses. That’s how Conservatives are fighting to save Canadians money and save their jobs.”