In the recent article shared by Canadian PM Justin Trudeau, he recognized the contribution of small businesses in the economy of the country. These businesses have successful in generating maximum employment for Canadian Households. He further stated that, “Small business provide sufficient jobs and make the communities stronger, but this pandemic has given a hard time for all of them”.
Canada’s well-rounded business ecosystem is self-sustaining for the small businesses which makes up 98% of total business in Canada. 19% of the Immigrants in the past years, are self-employed as compared to 15% of those born in Canada. However, global pandemic has tried put a pause button on the Canadian Business Market but Govt. had come out with whopping support packages for the small businesses.
PM Trudeau recounted his interaction with Manuela who owns three small businesses in Chelsea, Quebec and how she faced problem during economic slowdown and how these relief package helped her. With the support of Govt, she re-hired all her employees using the Canada Emergency Wage Subsidy. Furthermore, the commercial rent assistance came in handy for her with monthly expenses.
Below is the detailed list of Government’s Relief packages exclusively tailor-made for small businesses:
Avoiding layoffs, rehiring employees and creating new jobs
- Canada Emergency Wage Subsidy (CEWS)
- Temporary 10% Wage Subsidy
- Extending the Work-Sharing program
- Creating new jobs and opportunities for youth
Taxes and tariffs
- More time to pay income taxes
- Deferral of Sales Tax Remittance and Customs Duty Payments until June
- Waiving tariffs on certain medical goods
Financial support, loans and access to credit
- Canada Emergency Business Account (CEBA) interest-free loans
- Loan Guarantee for Small and Medium-Sized Enterprises
- Regional Relief and Recovery Fund (RRRF)
- Canada Emergency Commercial Rent Assistance (CECRA)
- Large Employer Emergency Financing Facility (LEEFF)
- Industrial Research Assistance Program (IRAP) for early-stage businesses
Support for self-employed individuals
- Canada Emergency Response Benefit (CERB)
- Deferral of Sales Tax Remittance and Customs Duty Payments until June
- More time to pay income taxes
Supporting financial stability
- Relief for federally regulated pension plan sponsors
- Launching an Insured Mortgage Purchase Program
- Office of the Superintendent of Financial Institutions actions
If you are looking to pursue your business aspirations in Canada, you will be welcomed with open arms. Canada is in desperate need of Business Entrepreneurs, Investors and Self Employed professionals who can bring investment, skills and business experience to produce employment and contribute in the economy. Considering the Covid restoration measures of Canada, this is a Golden Era of Business Immigration to Canada. For more info, you may connect with us on 8595338595 or [email protected].
