Finance Minister François-Philippe Champagne says the upcoming federal budget will include measures to help small and medium-sized businesses, as well as initiatives aimed at boosting Canada’s productivity.
“I think you will see in this budget a journey to fixing a number of things, to make things more simple, to simplify the life of small and medium-sized businesses,” Champagne said at the Canadian Club of Toronto on Nov. 2.
The finance minister said the Nov. 5 budget will include measures that aim to “go further” in supporting these businesses, which accounted for about 64 percent of private-sector employment in Canada in 2024.
Champagne suggested the budget would address the difficulties smaller businesses face in navigating the tax system, saying the rules can be “quite difficult” and often require a “tax adviser to figure out.” He said this will include the Productivity Mega Deduction, which allows businesses to immediately write off the cost of eligible investments in machinery, equipment, technology, and other productive assets….