1st November 2024 – Ottawa (Ontario)
The Minister of Small Business, the Honorable Rechie Valdez, marked Small Business Month by meeting with representatives of business organizations and local entrepreneurs to highlight Government of Canada measures that help small and medium-sized businesses thrive.
Minister Valdez kicked off October by announcing that the government had negotiated a reduction in credit card transaction fees of up to 27% for small businesses. This reduction affecting Visa and Mastercard card transactions has been in effect since October 19, 2024. In addition, the minister announced that the Canadian Carbon Rebate program for small businesses would pay $2.5 billion to approximately 600,000 small and medium-sized businesses across Canada where the federal fuel tax is collected. The amount will be paid based on the number of employees of the company. For example, small businesses in Ontario will receive $401 per employee. Small and medium-sized businesses that filed their taxes before July 15 will receive an automatic payment by the end of the year.
Throughout the month, Minister Valdez met with small business owners across the country, including diverse groups of entrepreneurs at the Mississauga Board of Trade, the magazine’s Small Business Summit CanadianSMEat the Casa Foundation Friends of Africa Summit, at the Elevate Festival, at an Alliance of Nigerian Entrepreneurs gathering, at the RPA Women Entrepreneur Awards gala, at the African Canadian Business Federation’s Small Business Sunday event (FACE), at the Toronto Small Business Forum and at the launch of a Misfit Ventures fund.
During these meetings, Minister Valdez demonstrated how the unprecedented investments made by the federal government, through programs such as Program for entrepreneurship of 2SLGBTQI+ communitiesthe Strategy for women in entrepreneurship and the Black Entrepreneurship Programhelp address systemic barriers faced by entrepreneurs from underrepresented groups. She also highlighted federal investments in inclusive venture capital fund managers and Futurpreneur, as well as a support program for indigenous entrepreneurs.
Minister Valdez also provided an update on federal investments to help small businesses adopt digital tools and innovations, including $2.4 billion in Budget 2024 to strengthen the advantage of Canada in terms of artificial intelligence (AI). This includes a $200 million component for the Regional Artificial Intelligence Initiative to help commercialize AI technologies and accelerate the adoption of AI by SMEs in sectors across the country . Additionally, she mentioned the Canadian Digital Adoption Programwhich has helped more than 60,000 small businesses improve their IT capabilities and adopt e-commerce platforms.
The Minister concluded her activities on October 30 with the announcement of a new partnership between the First Nations Health Authority and the CAN Health Network, which will allow more than 200 First Nations communities in British Columbia to gain access to healthcare innovations from Canadian start-ups. They said they face unique challenges in the healthcare industry to break into new markets and drive adoption of their technologies. The federal government’s investment in the CAN Health Network connects innovative health care providers with promising start-ups that offer Canadian solutions to meet unique needs and challenges in this area.
