Ron McKinnon
Ron McKinnon
Member of Parliament for Coquitlam—Port Coquitlam
Budget 2021 –Analysis by Ron McKinnon, MP What is in Budget 2021 for Business?
April 29, 2021

What is in Budget 2021 for Business?

Helping Hard-hit Businesses Hire More Workers

For businesses that have been hit hardest by the pandemic, hiring the workers they need to grow is a cost they may worry about taking on. The government wants these businesses to be able to recover and grow by hiring more people so that workers are at the forefront of our recovery:

Opportunities for Businesses and Young Workers Through Mitacs

Mitacs is a not-for-profit organization that connects young workers with innovative businesses for research and training opportunities. Mitacs focusses on supporting research-based innovation in industry and developing a talent stream of highly educated students and graduates through its internship programs. These students bring cutting-edge scientific and technical knowledge from universities and colleges that will strengthen the innovation capabilities of industry. This combination of innovation and skill development for the next generation of leaders will help drive growth now and ensure long-term competitiveness and prosperity.

Helping Small and Medium-sized Businesses Move into the Digital Age

Canadian businesses need to adopt new technologies and digitize to meet customer needs and stay competitive. Embracing these changes also makes our businesses more efficient and more productive, and therefore more prosperous—and able to create more Canadian good middle class jobs.

To fuel the recovery, jobs, and growth, the government is launching the Canada Digital Adoption Program, which will create thousands of jobs for young Canadians and help as many as 160,000 small and medium-sized businesses adopt new digital technologies.

Budget 2021 proposes to provide $2.6 billion on a cash basis over four years, starting in 2021-22, to the Business Development Bank of Canada to help small and medium-sized businesses finance technology adoption.

Helping Businesses Seize New Technological Opportunities

Small and medium-sized businesses sometimes require unique technological or process solutions for their businesses that cannot be achieved by purchasing and installing available “off-the-shelf” solutions. These businesses can seize new opportunities by applying new research and technologies or developing them into valuable new products and services. This real-world innovation and technical development help businesses grow and become more competitive.

Much of this applied research is happening at Canada’s colleges, CEGEPs, and polytechnic institutes—institutions that have a strong presence in Canada’s small and rural communities.

To support applied research and development projects led by Canadian businesses in collaboration with colleges, CEGEPs, and polytechnics:

Supporting Business Investments

For Canada’s economic recovery to take root, businesses will need to invest in new technologies and move forward with capital projects. Building on the significant tax incentives introduced in the 2018 Fall Economic Statement, additional support is needed to further boost business investments that will create jobs today and in the future.

Enhancing the Canada Small Business Financing Program

Small businesses need access to financing in order to invest in people and innovation, and to have the space to operate and grow. But many small businesses are facing financing challenges, especially Canada’s innovative, entrepreneurial start-ups that are built on intellectual property and other intangibles that could be the next world-changing ideas.

To make sure small business and independent entrepreneurs can access the capital they need to recover, innovate, and grow in the long-term:

To read the Budget 2021 speech or to review the budget documents, please visit https://www.canada.ca/en/department-finance/services/publications/federal-budget.html

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