Mr. Speaker, I am happy to respond to comments made earlier by the hon. member for Mission—Matsqui—Fraser Canyon regarding support for small businesses.

Our government understands the important role that small businesses play in the economy. This is why we will deliver $2.5 billion to close to 600,000 small and medium-sized enterprises by the end of the year through the Canada carbon rebate.

We have negotiated agreements with both Visa and Mastercard to reduce their interchange fees by up to 27%, or by $1 billion over the next five years. This means that more small businesses will be able to invest in their operations, create good jobs and strengthen our economy. To help Canadian businesses thrive, we have also invested in them through the Canada summer jobs programs and My Main Street programs.

We lowered the small business tax rate from 11% to 9%. This is in recognition of the vital role that small businesses play in our economy and to enable business owners to have more cash flow. In 2024, small businesses and medium-sized enterprises will save an estimated $6.2 billion because of the preferred small business tax rate.

To encourage Canadian innovators to turn their ideas into growing businesses, our government announced the creation of the Canadian entrepreneurs' incentive, which would reduce the inclusion rate to one-third of a lifetime maximum of $2 million in eligible capital gains. Combined with the increased $1.25-million lifetime capital gains exemption, the Canadian entrepreneurs' incentive would make eligible business owners better off when selling business shares worth up to $6.25 million.

The government's latest budget devotes $200 million to renewing the venture capital catalyst initiative, with a goal of supporting venture capital for entrepreneurs who are part of equity-deserving groups, and investing in underserved communities and those outside key metropolitan areas. This will ensure that more small businesses owned by women and members of the Black, 2SLGBTQI+ and indigenous communities have access to the capital they need to start up and scale up.

Giving young people the option to choose entrepreneurship as a valuable career path for the future is important to our government. That is why in budget 2024 we invested $60 million in Futurpreneur Canada to help the organization increase its capacity to support young Canadian entrepreneurs.

These measures combined make a real, tangible difference that supports small businesses, including those led by women and members of equity-deserving groups.

Bryan May

$555,904.00