Budget 2010 Highlights for Canadian Businesses
Earlier this month, the Government of Canada released its 2010 Budget. It contained a number of measures and initiatives to create and maintain jobs, to grow the Canadian economy, to strengthen Canadian Innovation and to make Canada a destination of choice for new business investment.
Here are some highlights of the business-related measures and initiatives contained in the 2010 Budget:
- Establishment of a new federal Red Tape Reduction Commission involving both Parliamentarians and private sector representatives to review federal regulations in areas where reform is most needed to reduce the compliance burden, especially on small businesses, while safeguarding the health and safety of Canadians.
- Amendments to the Export Development Act to ensure that Export Development Canada has the flexibility to serve the needs of Canadian businesses in an evolving and increasingly complex international business environment.
- Doubling the budget of the College and Community Innovation Program (CCIP), which successfully enables applied research collaborations between colleges and local firms focused on specific company needs
- $10 million in new funding for the Canadian Youth Business Foundation (CYBF)
- $40 million over two years for a new Small and Medium-sized Enterprise Innovation Commercialization Program
The budget featured business income tax measures, such as:
- Accelerated capital cost allowance for clean energy generation
- Simplification of the GST/HST for the direct selling industry
Some industry-specific measures were also announced:
- Making Canada a tariff-free zone for industrial manufacturers
- $7.2 million over two years to improve Canadian fish and seafood industry access to the international marketplace
- $75 million over three years to support investments by Canadian cattle processing plants
We will update the Canada Business website as details of these new measures and initiatives are announced.
You can find additional information about the 2010 Budget, including information by region and frequently asked questions on the Budget 2010 website.