No new business taxes in budget
February 12, 2014 By Canadian Garden Centre & Nursery
Feb. 12, 2014, Ottawa — Yesterday's federal budget offered a mixed bag for small businesses across the country.
Economic Action Plan 2014 focused on reducing the federal deficit
without introducing any new taxes on businesses – a move that was
well-received by Canada's small business community.
business owners know that today's deficits are tomorrow's taxes, so they
are pleased the government's commitment to a balanced budget in 2015
remains solid," said Dan Kelly, president of the Canadian Federation of
Independent Business (CFIB).
Some of the small business-friendly highlights from yesterday's budget include:
- Freezing Employment Insurance and Canada Pension Plan rates
- Cutting red tape to allow more small firms to remit source deductions less frequently
- Reducing credit card processing fees for merchants and improving the Code of Conduct
budget also garnered praise from the Retail Council of Canada (RCC) for
reaffirming the government's commitment to tackling credit card
"This is a $5 billion-plus issue for Canadian
retailers and consumers and one that has been particularly debilitating
for our independent merchants," said Diane J. Brisebois, president and
CEO of RCC. "[The] budget is clear evidence that the government is
moving in the right direction."
RCC also applauded the
government's intentions to address cross-border price
discrepancies between Canada and the United States.
plans outlined in the budget were well-received, the government faced
criticism for its plan to eliminate the hiring credit for small
business. Speaking on behalf of CFIB, Kelly said the group were
"disappointed" by the decision.
Also of note in yesterday's budget was the introduction of a new Canada Apprentice Loan to help registered apprentices in Red Seal trades with the cost of their training.
Click here for a backgrounder on what the budget means for jobs and economic growth.
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