Federal budget 2013-14: Continued focus on jobs and long-term growth
(As originally published in the Financial Post, March 2013)
Since taking office in 2006, the Conservative government's Economic Action Plans have focused on jobs, growth and long-term prosperity. This new federal budget continues with that theme.
In his budget speech, federal Finance Minister Jim Flaherty states, "we will remain focused on what matters to Canadians — jobs and economic growth, and ensuring Canada's economic advantage today will translate into the long-term prosperity of tomorrow."
The minister plans to do this through the following steps:
- Improving integrity and closing tax loopholes
- Strengthening compliance
- Combating international tax evasion and aggressive tax avoidance
- Consulting with Canadians
For entrepreneurs and business owners, it’s important to understand both the corporate and personal tax changes announced and how they will affect them.
For entrepreneurs, the government has announced a key focus on venture capital and entrepreneurship including:
- $60 million over five years to help innovation hubs
- $100 million through the BDC for strategic partnerships with business accelerators and co-investments in graduate firms
- The creation of new Entrepreneurship Awards built on the BDC’s Young Entrepreneur of the Year award
- $18 million over two years to the Canadian Youth Business Foundation (conditional on the raising of $15 million in matching non-federal funding)
Learn more in our recent tax alert, 2013–14 federal budget, where we've broken down all aspects of the budget and what this means for Canadians and business owners.
And check out ourFriday morning budget breakfast, hosted by the Ottawa Chamber of Commerce and the Ottawa Business Journal. Andrew Coyne, National Post Author and long-time member of CBC's popular At Issue panel on The National, joined Ernst & Young presenters to discuss the political, economic and tax aspects of the 2013 budget.