BRAMPTON – On Oct. 4 in Brampton, Diversity Minister Kamal Khera and Brampton Centre MP Shafqat Ali highlighted the federal government’s new support to help small- and medium-sized businesses.
Khera first highlighted payment amounts for the Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion to about 600,000 Canadian businesses before the end of the year. This refundable tax credit aims to return a portion of fuel charge proceeds from 2019-20 through 2023-24 to small businesses.
In Ontario, the Canada Carbon Rebate for Small Businesses will deliver $401 per employee. This means the rebate will deliver up to $4,010 to a business with 10 employees, $20,050 to a business with 50 employees, and $200,099 to a business with 499 employees.
Eligible businesses that filed their 2023 tax return by July 15, 2024, will receive their payment by Dec. 31.
“By delivering the Canada Carbon Rebate for Small Businesses and lowering credit card fees, we are putting thousands of dollars back in the pockets of Canadian businesses,” said Khera.
She also highlighted the revised Code of Conduct for the Payment Card Industry in Canada. Starting Oct. 30, the revised code will help businesses compare prices and offers from different payment processors and shorten the complaint handling response time by nearly 80 per cent to just 20 business days, according to Khera.
She also highlighted the new, reduced credit card transaction fees for small businesses that will take effect Oct. 19.
The government says more than 90% of small- and medium-sized businesses that accept credit cards will receive lower rates and see interchange fees reduced by up to 27%, which is expected to save eligible small businesses around $1 billion over five years.
