October 15, 2009
Government Supports Small Business

BURNABY - October is Small Business Month in British Columbia and events will be taking place across the province to recognize this important sector that employs more than a million people.

"We have slashed red tape and greatly reduced taxes on small businesses,” says Burnaby North MLA Richard T. Lee. "It is much easier now to start up a successful small business. Building on this success is important given the prominent role small businesses will play in the coming economic recovery."

“B.C. has a well-deserved reputation for being a great place for small businesses to thrive,” says Burnaby-Lougheed MLA Harry Bloy. “We’ve worked hard to create the conditions entrepreneurs need to make their dreams a reality, and I’m proud that we’re celebrating our small businesses this month. It’s a great opportunity for entrepreneurs to network and to learn more about the programs we’ve put in place to give them the support they need to succeed.”

Small businesses play a key role in driving B.C.’s economy, accounting for a third of the GDP and they make up 98 per cent of all business in the province. British Columbia has the highest number of small businesses per capita in Canada and is leading in the share of self-employed workers as more people discover the benefits of owning or operating a small business.

The B.C. government is creating a small-business-friendly climate on several fronts. We have accelerated a reduction in the small business corporate income tax rate from 4.5 to 2.5 per cent, for an estimated saving of $401 million for small business over three years. By 2012, it will be eliminated entirely.

The small business tax threshold has doubled from $200,000 to $400,000, and in January 2010 it will rise to $500,000 – making it the highest in Canada and saving small businesses $20 million per year.

Over 152,000 unnecessary regulations have been eliminated since 2001 – a red tape reduction of over 42 per cent. Please visit www.resourcecentre.gov.bc.ca to learn about programs and resources available to help start or grow a small business in British Columbia.

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