Less capital and expertise are the main advantages of small business in Canada. There are many businesses which are classified as small businesses in Canada as per the Canadian laws. Canada is a very business-friendly country and it is all due to the laws which govern the businesses. Not only the Canadians but the people from all over the world visit the country to make sure that the business is conducted in such a manner which funds their family. The small businesses in Canada or the SMEs are increasing with every passing day. The best part of the small business companies is that they can be monitored easily as per government officials.
SMEs and the rising gas prices
It is a known fact that many businesses all over Canada depend on natural gas for the output which they generate. The worse part of the equation is that they are highly affected by the recent gas price hike. The fuel prices are also high in Canada as per some businesses and therefore they need the factor of cost-cutting to curb the problem. SMEs are now looking forward to cutting the cost from the daily operations. The SMEs are the backbone of any economy and there are government officials which know that the problem is there. The SMEs in Ontario will make sure that the minimum wages which are set at $15 are further reduced to cope with the issue. In the long run, the fuel and gas price hike will affect the government’s policies as well.
Ontario Convenience Stores
The convenience store sector of the province is struggling for many years now. Doug Ford the premiere of the province promised during his election campaign that the amendments will be done so that the sector can sell beer and wine. The promise has not been fulfilled till now and therefore such store owners are asking the premier to get the amendments done. The struggling sector hopes that some boost will be given from such sails as the item is purchased by the people in general. Doug during his election campaign said that Ontario is mature enough to implement this change. Only time will tell how much does the premier keeps his words. The convenience stores are eagerly waiting to support their sector at the cost of beer and wine.
SMEs tax change
Though there is a long way to go the government has promised that the tax on the SMEs will be reduced from 10.5 to 9% in January 2019. It is a known fact that there are many issues which the SMEs have to face in relation to the business activates which they carry out. The tax cut will make sure that the hard earned money of the SMEs remains with them and the business activities are further fostered. Justin Trudeau made this announcement at a Toronto restaurant which has been appreciated by the SMEs all over Canada. The tax cut is from the backlash which the government has to face for the proposed tax change implementation in July 2018.