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"The Effect of Small Businesses on the Canadian Economy"

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"The Effect of Small Businesses on the Canadian Economy"

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By: Kalin Dunn

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This image comes The Globe & Mail.  The articles showcases a well-known bakery in Hamilton, Ontario, named Cake & Loaf.  The owners of the bakery won $100 000 by entering a contest for small businesses in Canada.

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Image #2 - 10 Facts About Small Business in Canada

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Image #2 - 10 Facts About Small Business in Canada

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This image shows some important facts about small businesses in Canada. One statistic I found interesting was that in 2015, small businesses made up 97.9% of the total businesses in Canada.

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Image #3 - I Love Canadian Small Business

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Image #3 - I Love Canadian Small Business

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I chose to put this image into my padlet as a personal effect. I am honoured to be able to dream about starting my own business one day, and am thrilled to open in in Canada.

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This article conveys a very positive message for small businesses in Canada. It showcases the importance of small businesses in the economy. As well, highlighting the stake that small businesses hold in our GDP, what sectors they are in, and how the volume of small businesses are spread out throughout the country.

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Are you considering starting up or working for a small business? If so, you will be making a strong positive contribution to the Canadian economy. In recent years, small businesses across the country have played a crucial role in stabilizing the often volatile economy in Canada, and there are a variety of reasons why.

Small businesses are job creators. They have helped to create thousands of new jobs in Canada. According to statistics published by Statistics Canada in July 2008, small businesses alone have accounted for 37 percent of new jobs in the private sector between 1997 and 2007. Since 2008, these figures have shown a steady increase.

As of July 2011, 98 percent of all businesses in Canada are now considered as a small business, with 48 percent of the work force being employed by them. According to the July report, there are currently more than 2.4 million small businesses across Canada, a number which will surely increase over the next few years.

Employees of small businesses currently account for more than two thirds of the employment in five major industries:

* Non-institutional health care (89 percent);

* construction (76 percent);

* other varied services (73 percent);

* food and accommodations (67 percent),

* and forestry (67 percent).

These statistics are more than likely to increase, especially if the state of the Canadian economy improves. In addition to contributing to the increase of the country's employment rates, small businesses are also an integral part of the GDP. Some statistics to consider - in 2006, small businesses made up roughly 23 percent of Canada's GDP. This figure varied from one province to another, and it peaked at 27 percent in both British Columbia and Prince Edward Island.

Two years later, Saskatchewan's small businesses accounted for 35 percent of the GDP, while BC placed second with 32 percent. Not far behind in third place was Quebec, with a 30 percent contribution. One of the main reasons why Quebec's small businesses have made such a significant contribution to the GDP can be attributed to the fact that more than 56 percent of Canada's small businesses are located in Quebec.

Although small businesses in Canada are important, there is quite a bit of work left to do to make it easy for businesses to succeed. The Canadian Federation of Independent Businesses (CFIB) has released its new report which highlighted four key areas:

* better labor laws,

* reduced taxes to help businesses grow,

* a reduction of red tape,

* and better spending on services for small businesses

Their conclusion is that the government needs to be more involved in order to make it a balanced economic environment for entrepreneurs. With the chaos in financial markets, the strong hand of the government is required to provide a stable platform so that many businesses can succeed. A private/public partnership is required in order to address each of these issues, one that benefits both owners and employees.

Small businesses are currently on the rise, and it is expected that many more will be established across the country in the coming years. Consequently, the more small businesses that exist, the great their contributions to the GDP as a whole will be. So, if you considering starting a small business of your own, there is no better time to do so than now.

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Why Small Businesses are Important for the Canadian Economy

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Are you considering starting up or working for a small business? If so, you will be making a strong positive contribution to the Canadian economy. In recent years, small businesses across the country have played a crucial role in stabilizing the often volatile economy in Canada, and there are a variety of reasons why.

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Welcome to my padlet wall.  This padlet will explore the effects that small businesses in Canada have on the Canadian economy. You can expect to learn about the advantages and disadvantages that small businesses have in the Canadian economy, as well as what Canada is planning for it's business in the future.  I hope you find my topic interesting.

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"How Small Businesses Can Save the World" explains the need for small businesses in our local communities. One study in the article declares that, small businesses in the community generate 70% more local economic impact per square foot than larger corporations. This article also touches on the need for "craftsmanship" in the community, and why farmers need you to buy locally.

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Buying locally-produced products is less convenient, and yes, it is often more expensive, but it's a long-term strategy that reduces your carbon footprint, strengthens your local economy, is environmentally friendly and will save you money in the long run.

I get it - you're busy and broke and you don't have time to drive to the butcher, the baker and the candlestick maker. Going to a large supermarket is cheaper and more convenient. But if you think about the long-term effects of your actions, you realize it's better to go small or go home.

In recent decades, the rise of corporations has deterred many local entrepreneurs from opening new businesses. Studies show that small businesses help to promote equality and build the middle class, leading to less poverty and a greater distribution of wealth. When you spend your money in small businesses, you are helping to keep your dollars in your community. You are creating jobs and increasing income for community members, and you're far more likely to procure that sponsorship for your local soccer team.

Getty Images/iStockphoto

Small local businesses are more involved in their communities, which means supporting them improves your neighbourhood and encourages civic participation. One study found locally-owned businesses generate 70 per cent more local economic impact per square foot than retail chain stores. Local businesses pay more tax than large retail corporations who get tax breaks in a trickle-down economic system. Those tax dollars bolster your local services and infrastructure.

When goods are produced and sold in your local community, they have a smaller carbon footprint than goods produced overseas, because they don't have to be transported over long distances.

I balk at the prices of organic food sometimes. I know it takes more time and effort to grow organics, but I often opt for the cheaper, more convenient option that suits my budget and my love of junk food. The truth is, your health and environment are worth investing in. Studies show that pesticides in fruits and vegetables have a negative impact on the brain development and IQ of babies in utero. Organic foods are virtually pesticide free and contain lower levels of dangerous heavy metals such as cadmium.

The nutritional value and anti-oxidant content of organic fruits and vegetables is higher in some cases, while organic animal products contain 50 per cent more omega-3 fatty acids.

Antibiotics used in farming have, according to the federal Interagency Task Force on Antimicrobial Resistance, posed a threat to human health, and "resulted in drug resistance that threatens to reverse the medical advances of the last 70 years."

When you support local, organic farmers, you're improving your own health.

Pesticides and herbicides from farming have a negative impact on the environment and are threatening bee populations worldwide.

When you support local, organic farmers, you're improving your own health and the health of your local wildlife and natural areas.

When items are mass-produced in a factory, they have lost the art of craftsmanship. Local artisans who hand-craft items create one-of-a-kind pieces and maintain and develop traditional methods and skills. These skills also lead to innovation and creativity that would otherwise be lost. Buying unique, quality handmade items means you buy fewer things as they last longer.

More from HuffPost Canada:

Buying quality items is also good for the environment because they don't end up in the landfill. Buying cheap, mass-produced items that break quickly means you spend more as you need to constantly replace things that have broken. You also add to your environmental impact through the manufacturing, transport and disposal of cheap items that end up in your local landfill.
Originally posted on Greenmoxie.com

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How Small Businesses Can Save The World (Blog)

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Buying locally-produced products is less convenient, and yes, it is often more expensive, but it's a long-term strategy that reduces your carbon footprint, strengthens your local economy, is environmentally friendly and will save you money in the long run.

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Website #3 - Business Development Bank of Canada

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Website #3 - Business Development Bank of Canada

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This webpage is directly from the "Business Development" branch of the bank of Canada. Although the information on this webpage is all statistics concerning small businesses in Canada, it puts into perspective just how important they really are in our country. One astounding fact is that small businesses in Canada created 100,000 jobs on average per year between 2002 and 2012.

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Here are 10 things you probably didn't know about small and medium-sized enterprises (SMEs) and their impact on Canada's economy.

1. There are almost 1.1 million SMEs in Canada.

2. More than half (55%) have fewer than 4 employees.

3. Only 1.6% are medium-sized businesses.

4. Small businesses employed almost 69.7% of private sector workers in 2012, or 7.7 million people across the country.

5. In the 2002 to 2012 period, small businesses were responsible for 77.7% of all jobs created in the private sector. Small businesses created around 100,000 jobs each year on average.

6. SMEs represent 54.2% of the economic output produced by the business sector (in 2005).

7. 90% of exporting companies have fewer than 100 employees, but produce 25% of the total value of Canadian exports.

8. The largest number of SMEs are in the wholesale trade and retail sector (18.8%).

9. Fewer than one out of four Canadian SMEs invest in research and development (R&D).

10. Only half of new firms (51%) survive their fifth year of operation.

Source: Innovation, Science and Economic Development Canada.

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10 things you didn't know about Canadian SMEs

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Here are 10 things you probably didn't know about small and medium-sized enterprises (SMEs) and their impact on Canada's economy. There are almost 1.1 million SMEs in Canada. More than half (55%) have fewer than 4 employees. Only 1.6% are medium-sized businesses.

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Video # 3 - Where is the Best Place in Canada to do Business ?

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Video # 3 - Where is the Best Place in Canada to do Business ?

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The Business New Network of Canada created this video with KPMG Canada's employees, referencing the top locations in Canada to start a business. Among the top three were Toronto, Calgary, and Vancouver. Large cities that didn't make the list were Ottawa, Montreal, and Edmonton. Also, the top focus for executives and investors in these top three cities was transportation and light rail to improve the economy.

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Where is the best place in Canada to do business?

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Video #2 - Natural Advantages of Small Business

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Video #2 - Natural Advantages of Small Business

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This video by John Jantsch outlines some of the "natural" advantages small businesses have over large corporations in the economy. I found this video very compelling. The topics that Mr. Jantsch touches upon in his tutorial, explain that there are many factors that make small businesses more "personable" with the client, and in some ways, much better at adapting to what consumers are looking for.

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Video #1 - New Tax Rules for Small Businesses

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Video #1 - New Tax Rules for Small Businesses

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This video explains very clearly three of the new federal tax regulations for small businesses in Canada. Judging from the outcry of comments on Allan Madan's video page, small business owners are not happy with the decisions of the federal government, and their new taxation rules.

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New Tax Rules for Small Businesses in Canada (2018)

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This is my the questions I have answered concerning my topic, "The Effect of Small Businesses on the Canadian Economy".