Small- and medium-sized businesses account for more than 50 per cent of Canada’s gross domestic product, according to the government of Canada, employing more than 7 million people across the country. That’s why we call them the backbone of our economy and that’s why we need to prioritize their needs when we plan for the future.
The lack of tax cuts in the budget isn’t directly going to help small business owners in the cash flow department, but the government is taking various measures to help companies address the other two stand-out challenges for small businesses: the lack of skilled talent and the impact of technological disruption.
Finance Minister Bill Morneau is earmarking more than $1.7 billion for skills training programs, including a new non-taxable credit to help pay for training fees. The Canada Training Credit provides $250 a year that can accumulate to help pay for future training — up to $5,000 over a person’s career.
Source: News Formal (newsformal.com)
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