Local Business Important Fact
Contribution of Small Business
- Contribution of Small Business: As of December 2019, the Canadian economy totaled 1.23 million employer businesses. Of these, 1.2 million (97.9 percent) were small businesses, 22,905 (1.9 percent) were medium-sized businesses and 2,978 (0.2 percent) were large businesses. reference
They create job opportunities:
- SMES create 150,000 new jobs per year. Between 2014 and 2019, small businesses contributed to the creation of 472,400 jobs in the private sector—that’s more than 78,733 jobs each year on average. reference
They get more money circulating in the local economy:
- Seven in 10 small business owners have taken on debt due to COVID-19, with the average now reaching almost $170,000 per business, according to a new report from the Canadian Federation of Independent Business (CFIB). In total, small businesses in Canada now owe a collective $135 billion.Reference
They’re better for the environment.
- Small Business Community in Canada understand the sensitivity of environment. The measure and fulfilled all precaution to sustain hazard for better environment
They innovate and diversify the local marketplace.
- Small businesses are the backbone of the Canadian economy and will play a crucial role in Canada’s economic recovery from the COVID-19 pandemic, creating jobs and building a better way forward in the months and years to come. reference
They keep taxes close to home.
- In Canada’s federal tax system, the small business tax rate is the tax rate paid by a small business. As of 2019, the small business tax rate is 9% The general corporate tax rate is 28%. Additionally, each province or territory operates its own corporate tax system, with varying treatment for small businesses. Reference
They build community identity.
Every business identify its origin of country where it was born, supporting local business actually support of local community identification
They’re involved with the community.
- According to the Government of Canada, small businesses in Canada represent 97.9 per cent of all businesses, contributing almost half of the GDP generated by the private sector. Collectively, small businesses are the country’s largest employer, putting more than 8.4 million Canadians to work Reference