BY RECHIE VALDEZ
AS a former small business owner, Small Business Month is deeply personal for me.
I know firsthand what it is like to hustle—to put in the long hours, take risks, and juggle multiple responsibilities just to make your dream a reality. I remember what it felt like to take that leap, leaving behind the security of a steady job to build something from the ground up. For so many entrepreneurs across Manitoba and Canada, this is their reality, too. And that is why this month is so important.
It is a time to shine a light on the contributions of small business owners in Manitoba and across the country who are at the heart of our economy and our communities. Small businesses account for more than two-thirds of the private sector jobs in Canada, and they generate more than one-third of our national GDP. That is no small feat, and it does not happen without enormous dedication and sacrifice.
Small Business Month is a moment to celebrate the resilience, innovation, and hard work of entrepreneurs across the country. It is also a chance to recognize how essential small businesses are in creating jobs, building vibrant communities, and driving Canada’s economic growth. I am honoured to be your Minister of Small Business, and I am excited to continue working with you all to support the future of Canada’s entrepreneurs. Our government is committed to making life easier for small business owners, cutting costs so you can focus on what matters most—your success and growth.
We delivered on our promise to reduce the small business tax rate from 11per cent in 2015 to 9per cent today, and then went further by raising the income threshold for the small business deduction from $15 million to $50 million. This means more small businesses can benefit from lower taxes. This month, I announced that small businesses will see up to 27 per cent decreases in their credit card interchange fees with Visa and Mastercard, effective October 19th.
For example, if a store in Manitoba processes $300,000 in credit card payments, they currently pay nearly $4,000 in annual fees. With these new agreements, the store could save $1,080 in fees every year. More than 90per cent of Canadian small and medium-sized businesses that accept credit cards will receive lower rates starting October 19th. This is going to save small businesses up to $1 billion over the next five years—a significant win for business owners across Canada.
On top of that, we will soon be rolling out the Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion directly to up to 600,000 small and medium-sized businesses before the end of this year, including $143.9 million to Manitoba small businesses.
There is no burdensome application process, as long as you are a small or medium-sized corporation and have filed your taxes by July 15th, you could see a payment directly into your bank account from the CRA. Payment rates are based on the number of employees a small business has. For example, in Manitoba, the Canada Carbon Rebate for Small Businesses will deliver $481 per employee. This means the rebate will deliver up to $4,810 to an eligible business with 10 employees, $12,025 to a business with 25 employees, and $240,019 to a business with 499 employees. These savings put more money back into the pockets of hard-working entrepreneurs, allowing them to reinvest in their businesses and their futures.
The full details can be found online on Finance Canada’s website, and the Canada Carbon Rebate for Small Business calculator can be found here. As Minister of Small Business, my priority is creating an inclusive economy where every entrepreneur has the chance to succeed, no matter their background.
Our Women Entrepreneurship Strategy (WES) has supported over 110,000 women entrepreneurs, including 60,000 from diverse and underserved communities. The Black Entrepreneurship Program (BEP) has also been a game-changer, supporting nearly 16,000 Black entrepreneurs through mentorship and loans. We are also empowering young entrepreneurs through our $60 million investment in Futurpreneur, which will help over 6,000 youth start their or grow businesses.
And our 2SLGBTQI+ Entrepreneurship Program, the first of its kind in the world, is breaking down barriers for 2SLGBTQI+ entrepreneurs by providing access to crucial resources and mentorship. These programs are helping to build a stronger, more inclusive entrepreneurial ecosystem for all Canadians.
To anyone thinking about starting a business: go for it. I know it is scary, but if there is one thing I have learned, it is that the best journeys start with a leap of faith. Trust yourself. Believe in what you are building. And do not be afraid to take that step forward, even when the path ahead looks uncertain. You are not just starting a business—you are following your dream and creating something that can change your life and your community. I have been there, too.
I know the long nights, the doubts, and the moments where it feels like you are carrying the world on your shoulders. But the reward is worth every challenge. Surround yourself with people who believe in you, and do not hesitate to reach out for support. You do not have to do this alone. And when you are ready to dive in, do not forget to explore our Business Benefits Finder. It is an incredible tool that connects you to over 1,500 federal and provincial programs that can help you every step of the way. You can find it through the link in my bio (@rechie. valdez). Small businesses and entrepreneurs are truly the heart and soul of our communities, and I am looking forward to meeting with more of you in the days and months ahead.
Happy Small Business Month! — The Honourable Rechie Valdez, Minister of Small Business
