Canadian small businesses are vital to the economy, but they often face financial challenges and high operational costs. The Canadian government is now stepping up with targeted support, aiming to ease some of these burdens while promoting sustainability and fairer business practices. From carbon rebates designed to offset environmental costs to reductions in credit card fees and a strengthened Code of Conduct, these initiatives provide much-needed financial relief and transparency. Let’s explore each of these new measures and see how they can empower small businesses to thrive.
For small business owners, rising energy costs have been an ongoing challenge — but the Canada Carbon Rebate is here to help. This initiative will provide much-needed financial relief, with the government planning to return over $2.5 billion to approximately 600,000 businesses in the coming years.
Rebate Breakdown: The rebate is based on your business size and location. For example, Ontario businesses with 10 employees might receive about $1,460, while larger operations in Saskatchewan with close to 200 employees could see up to $46,600.
Eligibility: Designed for businesses impacted by federal fuel charges, it’s worth checking if your business qualifies. Visit the government website or consult your accountant to see how much you could save!
This rebate is a significant step in reducing operational costs for small businesses while promoting environmental responsibility — an impactful win on both fronts!
For small business owners, credit card transaction fees have often been a major expense. But starting on October 19, 2024, the Canadian government’s agreement with Visa and Mastercard will lower these fees, potentially saving businesses up to $1 billion over the next five years.
Fee Reduction Breakdown: Over 90% of small and medium-sized businesses that accept credit cards will benefit from a reduction in fees of up to 27%. This means more money back in your business for growth.
Eligibility: If your business accepts credit cards, it’s likely that you’ll qualify for these reduced rates. Visit the government website or consult your payment provider for more details.
This initiative is a huge win, providing businesses with savings and additional cybersecurity protections from Visa and Mastercard.
Starting October 30, 2024, an updated Code of Conduct for the Payment Card Industry aims to give business owners more control over their payment processes and protect them from unnecessary fees, making it easier to focus on growth.
Clear Pricing Transparency: The updated Code allows businesses to easily compare fees across payment processors, ensuring you're always getting the best deal.
Faster, More Efficient Complaint Resolution: With the new Code, complaint handling will be nearly 80% faster, giving you peace of mind with quick resolutions — now just 20 business days.
Flexible Contract Terms: You’ll have the ability to exit contracts without penalties if promised rate reductions aren’t met, giving you the freedom to switch to a better deal.
These new government initiatives represent a significant step forward in supporting small businesses across Canada. From the Canada Carbon Rebate to reduced credit card fees and the updated Code of Conduct, these measures aim to ease financial burdens, improve transparency, and provide more control over business expenses. With these changes, Canadian small businesses are empowered to save money, improve operations, and focus on sustainable growth. It's a clear signal that the government is committed to fostering a fairer, more supportive environment for businesses to thrive.
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