Certainly! Small businesses play a crucial role in job creation. In Canada, over 98% of companies are small businesses, employing 63.8% of the Canadian workforce1. These enterprises contribute significantly to the economy, generating up to 150,000 jobs annually. In the past 25 years, Canadian small businesses have created 12.9 million net new jobs, accounting for two out of every three jobs added to the economy. Similarly, in the U.S., new businesses—often starting as small enterprises—have been responsible for nearly 13 million net new jobs over the same period. Fearless entrepreneurs drive this growth, inspiring innovation and economic development.
Here are some key initiatives from past budgets:
- Budget 2021 proposed investments to create or maintain 330,000 jobs by 2022-23 and introduced nearly 500,000 new training and work experience opportunities for Canadians.
- The Canada Emergency Wage Subsidy, Canada Emergency Rent Subsidy, and Lockdown Support were extended past June 2021 to help businesses, including small and medium-sized enterprises (SMEs), recover from the pandemic’s impact.
- The Canada Recovery Hiring Program was introduced to help eligible employers with the costs associated with reopening, increasing workers’ wages or hours, or hiring more staff.
- Enhancements to the Canada Small Business Financing Program were planned to increase annual funding and support thousands more small businesses.
- The Canada Digital Adoption Program was launched to help up to 160,000 SMEs adopt new digital technologies, which is expected to create thousands of jobs for young Canadians.
These initiatives are part of Canada’s broader strategy to support small businesses, which are essential for innovation, economic growth, and job creation. By investing in small businesses and their capacity to expand and hire, the government aims to build a more resilient and prosperous economy.
