Indo-Canada Chamber of Commerce (ICCC) held an interactive post budget session with Hon. Tim Uppal, Minister of State (Multiculturalism) at Westin hotel, Toronto on 19 February, 2014.

Naval Bajaj, President ICCC welcomed the federal budget 2014 for supporting the small businesses by cutting taxes, supporting internships and promoting the women entrepreneurs.

“The government has reduced the tax compliance burden for small and medium-sized businesses and has maintained the freeze on Employment Insurance premium rates to help provide certainty and flexibility for employers, especially small businesses,” Bajaj said.

“Reductions in the small business tax rate to 11 per cent and increases in the small business income limit to $500,000 will provide small businesses with an estimated $2.2b in tax relief in 2014,” the ICCC President said, and added that it is heartening to note that the government has continued with its various programs to support small businesses.

ICCC also appreciated the budget proposal to reallocate $15 million annually towards supporting up to 1,000 internships in small and medium-sized enterprises. Small and medium-sized enterprises are key drivers of Canada’s economic growth. While they are in need of skilled workers, they often lack the capacity that many large companies have to recruit new employees. ICCC also lauded the efforts of the government for providing $150,000 to increase mentorship among women entrepreneurs.

Minister Uppal said that the Canadian industry has the potential to generate more jobs but the required skilled work force is not available in the market. The government of Canada is trying hard to bridge the gap between Industry and training institutions for development and handling of new technology.

"Government’s sustained approach to responsible fiscal management responds directly to the priorities of small business owners, as they recognize that a sound fiscal position safeguards Canada’s low-tax plan and thereby ensures sustained economic growth," D. P. Jain, Treasurer and Director, ICCC, said.

“Government should provide subsidy to promote new entrepreneurs for investment by starting some special economic zones in the larger interest of the Canadian economy”, Tony Chawla, Director, ICCC, said.

The issue of amortization period was also comes to limelight during the discussion as it is very hard for the new immigrant to buy a house with the present amortization conditions so the period of amortization should be increased from 25 to 35 years. Minister Uppal assured that he will look into the issues raised by the chamber leadership for formulating the economic policies in future.