Alberta Liberal Leader David Khan has announced the Alberta Liberal strategy for supporting small businesses.
Khan stated, “The Alberta Liberals are putting forward concrete policies for helping small businesses. $100 billion a year is injected into the Alberta economy by small businesses, more GDP per capita than any other province in Canada. That is reflective of the strong entrepreneurial spirit in Alberta. We want to fully unleash the economic power of that spirit with our smart reforms.
“The early years of a small business are the hardest. That is why we will grant a tax holiday for incorporated and unincorporated small businesses for their first three years. This will help new businesses find their financial footing and become profitable and sustainable during their toughest years.
“Too many debtors, often large companies, defer payments for months at a time to small- and medium-sized businesses. These late payments hurt businesses’ cash flows, making it more difficult for them to pay employees and keep their operations afloat. This is an especially large problem for small- and medium-sized oilfield service and trucking companies who are often paid months late by larger companies who do not have a significant financial incentive to pay on time. We will increase the financial penalties for late payments by amending the Alberta Judgment Interest Act.
“We will streamline the corporate registry process and cut the cost of incorporation in half by moving to an online model to reduce overhead. An Alberta Liberal Government will also commit more generally to reducing red tape and unnecessary regulation, but not at the expense of environmental, safety or other important standards.
“We will work with economists to ensure an Alberta Liberal Government’s economic and fiscal policies support women entrepreneurs, as part of our Gender-Based Analysis Plus (“GBA+”) of our public policy.
“The Alberta Liberal plan will make it easier to start your own small business or operate your existing one profitably, and it will grow our economy.”