Budget 2021: Minister Fortier highlights Budget 2021 measures for small business in Nova Scotia

From: Department of Finance Canada

Today, Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier, continued her cross-country virtual Budget 2021 tour by meeting with members of the Cape Breton business community.

Budget 2021 is an historic investment to address the pandemic, put people first, create jobs, grow the middle class, set businesses on a track for long-term growth, and ensure that Canada’s future will be healthier, more equitable, greener, and more prosperous.

This budget is a plan to bridge Canadian families, workers and businesses through the crisis and position them for a robust recovery. It proposes to extend business and income support measures, such as the wage subsidy, the rent subsidy and Lockdown Support through to the fall and to make investments to create jobs and help businesses. Budget 2021 also proposes the Canada Recovery Hiring Program to offset a portion of the extra costs employers take on as they reopen.

It will support businesses in our most affected sectors, including in the tourism and the hospitality sector. For example, Budget 2021 proposes $1 billion to support businesses in the sector as well as festivals and other events that provide jobs and growth, and enhance the life of our communities.

Budget 2021 puts Canada on track to meet its commitment to create one million jobs by the end of the year, and proposes unprecedented and historic investments in Canada’s small businesses – helping them invest in new technologies and innovation. Restoring permanent and long-term economic growth means that we must help our businesses to come back stronger than ever before.

Quotes

“I virtually visited Cape Breton to hear directly from the small business community – including those who have been hardest hit by the pandemic – our tourism operators, hospitality industry, arts and culture institutions and beloved restaurants. We will continue to stand beside you as we work together to get through this challenging third wave. When our economy is ready to reopen, our government has a plan to create jobs, and ensure a resilient and more inclusive recovery. Cape Breton will be a part of this plan.”

Minister of Middle Class Prosperity and Associate Minister of Finance, the Honourable Mona Fortier

Quick facts

  • Budget 2021 includes $101.4 billion over three years in proposed investments as part of the Government of Canada’s growth plan that will create good jobs and support a resilient and inclusive recovery. Key measures include:

    • Extending emergency supports to bridge Canadians and Canadian businesses through to recovery, including:
      • Extending the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy and Lockdown Support until September 25, 2021.
      • Extending the number of weeks available for important income support for Canadians such as the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit.
    • Introducing the new Canada Recovery Hiring Program for eligible employers that continue to experience qualifying declines in revenues relative to before the pandemic. The proposed subsidy would offset a portion of the extra costs employers take on as they reopen, either by increasing wages or hours worked, or hiring more staff.
    • Supporting small and medium-sized businesses through several transformative programs, such as:
      • A new Canada Digital Adoption Program that will assist over 160,000 businesses with the cost of new technology. And it will provide them with the advice they need to get the most of new technology with the help of 28,000 young Canadians who will be trained to work with them.
      • Allowing Canadian small businesses to fully expense up to $1.5 million in capital investments in a broad range of assets, including digital technology and intellectual property. This represents an additional $2.2 billion investment in the growth of Canada’s entrepreneurs over the next five years.
    • Improving the Canada Small Business Financing Program through amendments to the Canada Small Business Financing Act and its regulations. These proposed amendments are projected to increase annual financing by $560 million, supporting approximately 2,900 additional small businesses.
    • Revitalizing Canada’s tourism sector through $1 billion to help tourism businesses recover and support festivals and cultural events that provide jobs and growth in many of our cities and communities.

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