Minister Khera and Minister Virani highlight budget investments to support small businesses

MILTON, ON, April 21, 2024  /CNW/ – The federal government recently delivered Budget 2024: Fairness for Every Generation.

It is a plan to build a Canada that works better for everyone, where younger generations can get ahead, where their hard work pays off, and where they can buy a home—where everyone has a fair chance at a good middle-class life.

Today, the Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities and Member of Parliament (Brampton West), alongside the Honourable Arif Virani, Minister of Justice and Attorney General of Canada and Member of Parliament (Parkdale–High Park), and Adam van Koeverden, Member of Parliament (Milton) and Parliamentary Secretary to the Minister of Environment and Climate Change and to the Minister of Sport and Physical Activity, are in Milton, Ontario, to highlight Budget 2024’s investments that will grow small businesses. Through Budget 2024, the federal government commits to deliver over $2.5 billion directly to small and medium-sized businesses through the new Canada Carbon Rebate for Small Businesses.

The Government of Canada is also delivering for Canadian small businesses with the new Canadian Entrepreneurs’ Incentive, providing entrepreneurs a combined exemption of at least $3.25 million when selling all or part of a business to ensure they benefit from the fruits of

their hard work while facing lower tax burdens. Budget 2024 also proposes to invest $200 million over two years, starting in 2026-27, in Canadian start-ups to increase access to venture capital for equity-deserving entrepreneurs, and to invest in underserved communities and outside key metropolitan hubs.

First, the budget takes bold action to build more homes. Because the best way to make home prices more affordable is to increase supply—and quickly. It lays out a strategy to unlock 3.87 million new homes by 2031. Key measures include launching the new Public Lands for Homes Plan and Canada Rental Protection Fund, enhancing the Canadian Mortgage Charter, and creating a new Canadian Renters’ Bill of Rights.

Second, it will help make life cost less. The budget builds on the government’s transformative expansion of Canada’s social safety net—$10-a-day child care, dental care for uninsured Canadians, the first phase of universal pharmacare—and advances the government’s work to lower everyday costs for Canadians. This includes helping to stabilizing the cost of groceries, cracking down on junk fees and lowering the costs of banking. Budget 2024 also makes transformative new investments, including a National School Food Program and the Canada Disability Benefit.

Third, this year’s budget will grow the economy in a way that’s shared by all. The government’s plan will increase investment, enhance productivity, and encourage innovation. It will create well-paying and meaningful jobs, keep Canada at the economic forefront, and deliver new support to empower more of our best entrepreneurs and innovators. This includes attracting more investment in the net-zero economy by expanding and delivering the major economic investment tax credits, securing Canada’s advantage as a leader in artificial intelligence, and investing in enhanced research grants that will provide younger generations with good jobs and new opportunities. And it means ensuring Indigenous peoples share in this growth in a way that works for them.

Budget 2024 will also make Canada’s tax system fairer by asking the wealthiest to pay a bit more, so that the government can invest in prosperity for every generation, and because it would be irresponsible and unfair to pass on more debt to the next generations. Budget 2024 is a responsible economic plan that upholds the fiscal objectives outlined in the 2023 Fall Economic Statement, and sees Canada maintain the lowest deficit- and net debt-to-GDP ratios in the G7.

“Our government first came to office with a vow to strengthen and expand the middle class. We delivered on that pledge by reducing poverty, especially for children and seniors, and creating millions of good jobs for Canadians. Our work isn’t done. Budget 2024 renews our focus on unlocking the door to the middle class for millions of younger Canadians. We’ll build more housing and help make life cost less. We will drive our economy toward growth that lifts everyone up. That is fairness for every generation.”

—The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance  

“Budget 2024 underscores our commitment to fostering entrepreneurship and economic growth across Canada. Through initiatives like the Canada Carbon Rebate for Small Businesses and the Canadian Entrepreneurs’ Incentive, we are delivering over $2.5 billion directly to small and medium-sized businesses. These investments will empower entrepreneurs, stimulate job creation, and drive innovation, ensuring that small businesses remain the backbone of our economy and continue to thrive for generations to come.”

—The Honourable Kamal Khera, Minister of Diversity, Inclusion and Persons with Disabilities

“Canadian entrepreneurs are second to none, and Budget 2024 delivers on support that will ensure that their businesses can continue to grow. The government has heard the calls from small business owners across the country, and Budget 2024 will help them improve and scale up their existing business models and avoid unnecessary red tape.”

—The Honourable Arif Virani, Minister of Justice and Attorney General of Canada

“We’re prioritizing making homeownership accessible across generations, increasing our social safety net to ensure Canadians have access to crucial care, and offering support to small business owners via measures like the Canada Carbon Rebate and the Canadian Entrepreneurs’ Incentive. That’s what Budget 2024 is; it’s about restoring fairness for every generation and growing an economy that works for everyone.”

—Adam van Koeverden, Member of Parliament for Milton and Parliamentary Secretary to the Minister of Environment and Climate Change and to the Minister of Sport and Physical Activity

Budget 2024 – Fairness for Every GenerationBudget 2024: Address by the Deputy Prime Minister and Minister of FinanceBudget 2024: Key MeasuresBackgrounder: More Affordable HomesBackgrounder: A Stronger Social Safety NetBackgrounder: Fairness for Younger GenerationsBackgrounder: Economic Growth and ProductivityBackgrounder: Growing Small BusinessesBackgrounder: Safer, Healthier CommunitiesBackgrounder: A Fair Future for Indigenous PeoplesBackgrounder: Tax Fairness for Every GenerationBudget 2024: Canada’s Consumer-Driven Banking Framework

SOURCE Canadian Heritage