Business and Politics – Make sure your voice is heard
by Dan Monk A s all Canadians know there is a federal election in the near future, when our Members of Parliament come knocking on our home and business doors to talk about why they should be elected or re-elected. So, the discussion regarding politics and business has never been so important than now before we officially get the call to the polls. So let’s dive right in! And answer the question, what is the role of business in the politics of our country? Let’s start with the benefits businesses bring to Canada: GDP is measured by the value of goods and services produced by businesses operating in the country, therefore the baseline measurement for economic success is entirely dependant on the success of businesses - including the strength of our currency. Businesses employ over 90% of the Canadian workforce. The remainder are employed by various government agencies which derive their revenue from businesses and personal taxes to operate. Businesses collect and remit the HST/GST for the federal and provincial governments, therefore they are unpaid government tax collectors enforced by hefty penalties for late remittance. Taxes paid by businesses include corporate income tax on any profits, plus collecting and remitting all employee income taxes, CPP, and EI. Business growth is the primary reason for economic growth and prosperity of the country, along with each individual province and municipality. ◆ ◆ ◆ ◆ ◆
Now that we have established that business success is the main bolster for Canadian economic success, let’s consider how the government can and should support business. Support strong immigrant growth of skilled workers. Immigrant Services is doing a great job but there are still many bureaucratic hurdles such as difficult to navigate websites and unnecessary fees. We rely heavily on immigration so let’s streamline the process so the best of the world can come to Canada either as employees or potential business owners and entrepreneurs, making it a win-win situation. Continuing education and training programs for trades! Supporting apprenticeship programs, trade training at community colleges, counselling and exposure to career opportunities in early childhood development and onward. Address the underground economy which exists to avoid government processes and taxation. First, by making it easier to incorporate an incentivize operating above board businesses. One suggestion is to reverse the ‘red tape’ phenomenon by rewarding legitimate companies for collecting the taxes rather than handing out large fines. Provide tax incentives for small businesses instead of stripping them away! Entrepreneurs are smart risk takers willing to build a business and help grow the country but first, they must ask, does the government value my contribution? If a government “cooks the goose that lays the golden egg” i.e. over tax companies and entrepreneurs, then there is minimal incentive to take the risk which all circles back to the success of our country’s economy. ◆ ◆ ◆ ◆
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SPOTLIGHT ON BUSINESS MAGAZINE • SEPTEMBER 2019
43 SEPTEMBER 2019 • SPOTLIGHT ON BUSINESS MAGAZINE
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