Creating Jobs and Opportunities for Families in British Columbia

OTTAWA, ONTARIO--(Marketwired - March 20, 2015) - Industry Canada

James Moore, Minister of Industry and Minister Responsible for British Columbia, and Dr. James Lunney, Member of Parliament for Nanaimo-Alberni, today participated in a round-table discussion with local business and community leaders in Nanaimo, British Columbia. Minister Moore highlighted federal initiatives that are helping local entrepreneurs create jobs and are establishing the right conditions for Canadian businesses to expand into new and emerging markets around the world. The Minister underlined the Harper Government's economic policies that make Canada the most attractive country in the world for investment: lower taxes, balanced budgets, less debt and an ambitious free trade agenda.

During a tour of Inuktun Services Ltd., a manufacturer of robotic systems, Minister Moore also highlighted Canada's strong manufacturing sector-a high-skill economic engine that represents more than 10 percent of our gross domestic product. The federal government has provided $1.4 billion in tax relief to manufacturing companies investing in modern machinery and equipment.

Quick facts

• Small businesses represent 98 percent of all businesses in Canada, account for nearly 7 in 10 jobs in the private sector and contribute about 30 percent to our gross domestic product.
• The government has focused on establishing the right conditions for success, such as lowering taxes, cutting the corporate tax rate from over 22 percent in 2007 to 15 percent today, and removing the federal capital tax.
• Canada's two most recent trade agreements, the Canada-European Union Comprehensive Economic and Trade Agreement and the Canada-Korea Free Trade Agreement, promise to add at least $14 billion annually in new economic activity, equivalent to creating more than 90,000 new jobs.
• Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G7 over this year and the next.
• In 2013, Canada leapt from sixth to second place in Bloomberg's ranking of the most attractive destinations for business.
• As of January 2015, Canadian manufacturers are the first in the G20 to benefit from tariff elimination on manufacturing inputs and machinery and equipment. This means more than $7 billion in imports have been liberalized, providing Canadian business with an additional $450 million in annual duty savings.

Quotes

"Our government understands the important role small and medium-sized businesses play in the Canadian economy. That is why we are making it easier for companies to do business in Canada and why we are promoting Canadian exports in new global markets. Small business owners across the country are telling us that we are on the right track with our low-tax plan to create jobs and growth. Canada's manufacturing sales have increased more than 25 percent since the recession, and our entrepreneurs are continuing to create jobs and spur economic growth."

- James Moore, Minister of Industry

"Small businesses are the backbone of Nanaimo, and Vancouver Island's, economy. Our government has a strong record of reducing red tape, cutting taxes and creating the conditions that allow small businesses to flourish. We were very pleased to arrange for small business leaders to meet with Minister James Moore today and showcase some of Nanaimo's cutting-edge high-tech employers and innovators."

- Dr. James Lunney, Member of Parliament for Nanaimo-Alberni

Follow us on Twitter: @industrycanada