Patricia Lattanzio

Celebrating Small Business Month: Exciting News for Canadian Entrepreneurs!

October 18, 2024

October is Small Business Month, and our Liberal government has fantastic news for small businesses across Canada! Starting October 19^th, credit card fees for Visa and Mastercard will be reduced by up to 27%, putting money back in your businesses’ pocket. This initiative, negotiated by our government, will help over 90% of small businesses save approximately $1 billion over the next five years.

For example, if your business processes $300,000 in credit card payments, you could save around $1,080 annually on fees. These savings will boost Canadian businesses’ bottom line!

We are also enhancing protections for businesses accepting card payments with a revised Code of Conduct, effective October 30^th, 2024. This updated code will improve transparency and reduce complaint processing times, helping small businesses navigate the payment landscape more effectively.

But that’s not all. By the end of this year, eligible businesses, in the provinces where the fuel charge applies, can expect to receive their Canada Carbon Rebate payments directly into their bank accounts. If you filed your taxes by July 15^th, you’ll benefit from this program, which is part of our government’s commitment to supporting small businesses.

In addition to fee reductions and rebates, we've also lowered small business taxes from 11% to 9%, representing up to $7,500 in federal tax savings per year that these businesses can reinvest to help them grow, plus, we’ve expanded access to the federal tax rate for more local businesses. Our support extends to diverse entrepreneurs through various programs, including the Women Entrepreneurship Strategy and the Black Entrepreneurship Program, to promote diversity and equity in Canadian industry.

Together, these measures create a supportive environment for small businesses in Saint-Léonard-Saint-Michel and beyond, allowing them to thrive and succeed.

Celebrate Small Business Month with us and take advantage of these incredible opportunities!