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Marco Mendicino, Canada’s Minister of Public Safety, visited Richmond this week.
Photo by Hannah Scott
Federal minister Mendicino visits Steveston
By Hannah Scott, Local Journalism Initiative reporter
Published 2:04 PDT, Fri April 22, 2022
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Federal Minister of Public Safety Marco Mendicino was in Steveston earlier this week to speak on small business supports included in the government’s updated budget.
“Small businesses really are the engine of our economy,” said Mendicino during the announcement.
He added that small businesses employ over two-thirds of the country’s labour force.
Qualifying small businesses benefit from a reduced income tax rate of nine per cent on their first $500,000 of income, compared to the regular 15 per cent for larger businesses. Mendicino said some small businesses can be dissuaded from continued growth because they don’t want to lose the reduced tax rate.
More medium-sized businesses will now qualify for the reduced rate, as it is being extended to those with a taxable capital of $50 million instead of the previous $15 million limit. It also allows small businesses to grow while still taking advantage of the lower nine per cent tax rate.
Local MPs Parm Bains and Wilson Miao were also on hand for the announcement.
“Richmond really is a small town, it’s a small community still, and we all work together to get things happening here,” said Bains.
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