Toronto: Prime Minister Stephen Harper today announced the Government’s intent to provide continued support to Futurpreneur Canada, a not-for-profit organization that helps young entrepreneurs across Canada launch and sustain businesses. The Prime Minister made the announcement at the UTi Canada Shipping Solutions Warehouse in Brampton. He was joined by Bal Gosal, Minister of State (Sport) and Member of Parliament for Bramalea-Gore-Malton, Maxime Bernier, Minister of State (Small Business and Tourism, and Agriculture), and Parm Gill, Parliamentary Secretary to the Minister of International Trade and Member of Parliament for Brampton-Springdale.
The support for Futurpreneur Canada will go to enhance the ability of young entrepreneurs to start small businesses across the country by providing both mentoring and business financing.
Futurpreneur Canada works with young entrepreneurs to help them become the business leaders of tomorrow through mentoring, expert advice, learning resources and start-up financing. It delivers its programs through a national network of 250 community partners and more than 2,800 volunteers, including business mentors.
This announcement builds on the Government’s commitment to encourage and support entrepreneurship by connecting young entrepreneurs with the tools and resources they need to succeed. Small businesses represent 99 per cent of all businesses in Canada and account for about 50 per cent of jobs in the private sector.
Since its inception in 1996 to December 31, 2014, Futurpreneur Canada, formerly known as the Canadian Youth Business Foundation, has helped more than 7,500 young entrepreneurs launch over 6,200 businesses and create 29,800 jobs.
Since 2006, the federal government has provided Futurpreneur Canada over $58 million in support.
Since 2006, our Government has taken significant steps to improve support for small businesses and entrepreneurs, including:
Reducing the small business tax rate to 11 per cent;
Increasing the income limit for the small business tax rate from $300,000 to $500,000;
Implementing the one-for-one rule to cut unnecessary red tape, saving Canadian businesses over $22 million in administrative burden as of June 2014, as well as 290,000 hours in time spent dealing with red tape;
Improving access to capital for innovative entrepreneurs by launching the Venture Capital Action Plan;
Supporting the hiring of apprentices with the Apprenticeship Job Creation Tax Credit, a non-refundable tax credit equal to 10 per cent of the eligible salaries and wages payable to eligible apprentices; and,
Increasing the lifetime capital gains exemption (LCGE) for small business owners from $500,000 to $800,000 and indexing this new limit to inflation. On account of indexation, the LCGE limit increased to $813,600 for 2015.
“Our Government recognizes that the majority of private sector jobs are created by small businesses and entrepreneurs. That’s why we are committed to helping young entrepreneurs grow their ideas and build their skills into profitable enterprises that create jobs and prosperity across the country. The support being provided to Futurpreneur Canada today will help bright young Canadian entrepreneurs launch and grow their businesses of tomorrow.” – Prime Minister Stephen Harper