Categorized | News in Brief

Canada Earns Bragging Rights in the G7 with its Top-Notch Economic Performance

Posted on 24 November 2017 by admin

 (Mississauga) Saturday, November 18, 2017— Peter Fonseca, Member of Parliament for Mississauga East-Cooksville, spent this constituency week connecting with local small business owners within our community, listening to the views and perspectives about the economy.

“Our economy will grow by 3.1 per cent this year. That’s the best result of any Group of Seven (G7) countries.”

MP Fonseca says “A strong economy is a proof of the hard-work done by Canadians; the government is committed to helping those that work hard for their success.”

The government is fulfilling its commitment to lower taxes for small businesses from 11% to a 9 per cent by 2019.

The combined federal-provincial-territorial tax rate for small business will be the lowest of any G7 country. Small business owners can expect savings of up to $7,500 annually.

Marcus from Nova Pastry & Bakery told MP Fonseca “hard work pays off. A lower tax rate will mean we can focus on growing and staying competitive.”

Canada has had a nice steady job increase.

Statistics Canada has released information that on average the economy is creating over 25,000 jobs per month, for a total of approximately 500,000 in the last two years. The government looks for small businesses to create jobs, a key source of good local jobs in communities across Canada.

Paul Tavora, owner of Tavora Foods, stated “I’m happy that the government has provided small business owners with a new tax break, I will be able to hire more employees.”

Unemployment in October was down to 6.3 per cent from 7.0 per cent just a year ago, the lowest it has been since 2008.

New legislation has delivered a reduction in the second personal income tax bracket from to 20.5 per cent from 22 per cent, while boosting the tax rate to 33 per cent for top earners, creating a tax cut that benefits the middle class.

Blue Ribbon Automobile Centre’s owner – Peter – was optimistic “it’s a competitive market out there, only the hard working and honest businesses survive, we welcome these changes.”

Businesses like these, and ones all around Mississauga East – Cooksville are the backbone of our community providing their goods and services and good quality jobs for our residents.

The measures which have been introduced in the past two years are designed to empower small business owners, strengthen the middle class Canadians to support local small businesses, and allow citizens across Canada to begin saving for their future.

“Our plan to invest in our people and in our communities is working. Canada’s economy is growing faster than it has in a decade, allowing us to do even more to help the middle class and those working hard to join it. With lower taxes on small business, more support for parents, and more money in the pockets of low-income workers, are working to grow the economy in a way that benefits all Canadians. And that is exactly what Canadians sent us here to do.”

-The Hon. Bill Morneau, Minister of Finance

“I want to thank all constituents that took the time to time to consult with me on the proposed changes. I know that lowering the small business tax will ensure that small business owners in Mississauga East – Cooksville have more money in their pockets at the end of the year so they can save, invest in themselves, create more jobs and grow our economy”

- Peter Fonseca, MP Mississauga East – Cooksville

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