Subjects: ECO, CFG
Minister Hajdu meets with the Chamber of Commerce of Metropolitan Montreal on supporting Canadian businesses and growing the economy
MONTRÉAL, Jan. 16, 2019 /CNW/ - A confident, growing middle class is driving economic growth, creating thousands of new jobs and more opportunities for Canadians to succeed right across the country. Canada's growth continues to be among the highest in the G7 and unemployment rates are at their lowest level since 1976. Businesses are benefitting, but this economic success has also created new challenges for some employers who have struggled to find enough workers to meet the high demand they are experiencing.
That is why today, the Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour, met with Michel Leblanc, president and CEO of the Chamber of Commerce of Metropolitan Montreal, to discuss how the Government of Canada can help employers in Montreal continue to grow both their businesses and the economy. Minister Hajdu reconfirmed the Government's commitment to support Canada's small and medium?sized enterprises through the additional cuts made to the small-business tax rate from 10 to 9 percent, which came into effect on January 1, 2019.
Recognizing the urgent nature of the labour shortage in Quebec and across Canada, Minister Hajdu confirmed the steps the Government of Canada is taking to improve service delivery for the Temporary Foreign Worker (TFW) Program. The Government has recently invested $3.4 million across Canada, including $1.7 million in Quebec, to handle the increased number of applications and reduce the processing times of applications from employers turning to the TFW Program when they are unable to find Canadians or permanent residents to fill positions. These investments are in addition to ongoing efforts to streamline processing and to provide consistent service to employers.
Since September 2017, the Global Talent Stream of the TFW Program has been helping Canadian companies attract the highly skilled workers they need from across the globe so they can expand both their businesses and the skillsets of their Canadian workers. Over 800 employers across Canada have benefitted from using the Global Talent Stream pilot. In return, as of October 31, 2018, these employers committed to create over 38,000 jobs for Canadians or permanent residents and invest more than $59 million in skills and training domestically, including investments in more than 9,000 paid co-op positions in Canada.
Quick Facts
- The Government of Canada cut the small business tax rate from 10.5 to 10 percent effective January 1, 2018, and further reduced the rate to 9 percent which came into effect on January 1, 2019.
- The combined federal?provincial?territorial average income tax rate for small business is now 12.2 percent?the lowest in the G7 and the fourth lowest among members of the Organisation for Economic Co-operation and Development.
- The Government of Canada has received more than 3,000 applications through the Global Talent Stream pilot in a wide range of industries such as information and communications technology, visual effects and animation, video gaming and entertainment, advanced manufacturing, financial services, and clean technology. Close to a third of these applications are from employers in Quebec's most innovative and growing industries.
- Between April 1, 2018, and January 6, 2019, there has been a 28 percent increase in the volume of Labour Market Impact Assessment applications from employers looking to hire temporary foreign workers.
Quote
"Our government is positioning Canada as a world-leading destination for innovation, and we are making sure that Canadians stay competitive in the global marketplace. By responding to the urgent needs faced by businesses and using tools like the Global Talent Stream to help build up the skills of Canadian workers, our government is showing its commitment to support the businesses and workers that drive our economy."
? The Honourable Patty Hajdu, Minister of Employment, Workforce Development and Labour
Further Information
Associated Link
List of Tax Measures Coming into Effect in 2019
New Investments to Help Canada's Small Businesses Grow and Create Jobs
Temporary Foreign Worker Program
SOURCE Employment and Social Development Canada
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