Provenzano: Small business is backbone of our economy

NEWS RELEASE

CHRISTIAN PROVENZANO LIBERAL CANDIDATE SAULT STE. MARIE & AREA

***************************** SAULT STE. MARIE - Supporting small business is a priority for Sault Ste. Marie and area Liberal candidate Christian Provenzano, who said today that the Liberal Party is committed to growing small businesses by making smart investments.

“Small businesses account for more than half of all jobs in Canada, and even more in Sault Ste. Marie. They are the backbone and engine of our local economy,” Provenzano said. “While the Harper government is offering tax give-aways to big corporations, we want to help the entrepreneurs and small business leaders who create jobs that keep families in Sault Ste. Marie.”

A Liberal government will promote innovation and entrepreneurship in the Canadian Champion Sectors - clean resources, health and biosciences, and digital technology.

“The next generation of small businesses have already started right here in Sault Ste. Marie,” Provenzano said. “We need to continue to support efforts like the Biosciences and Technology Convergence Centre and Health Informatics Institute at Algoma University.”

A Liberal government will help small business by introducing:

- A new innovation and productivity tax credit (IPTC) that will grant Canadian investors a 15 percent tax credit for investments in small, early-stage start-ups that don’t yet have the track record to seek financing from more traditional sources such as banks and the stock market.

- An extension of the popular “flow-through shares” tax model to start-ups in the three Canadian Champion Sectors. This tax incentive would allow venture companies with little or no revenue to pass on tax deductions to investors, creating a significant incentive to invest in Canadian entrepreneurs from promising sectors where Canada can become a world leader.

- Youth hiring incentive - Full EI premium holiday on all new youth hires.

- 100 percent coverage of high-speed Internet across rural Canada.

- A responsible, prudent plan to reduce the deficit without increasing personal or small business taxes or the GST.

- Canadian learning strategy, with major new investments in the knowledge-based workforce of tomorrow.

- Secure retirement option, a voluntary, low-cost option within the CPP that small businesses can choose for affordable pensions.

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