THUNDER BAY – A new report released today by the Certified General Accountants Association of Canada (CGA-Canada) calls on all levels of government in Canada to take meaningful steps to reduce red tape, increase financing opportunities and improve entrepreneurial skills training to help support small businesses.
The report,Laying the Foundation for a National Entrepreneurship Strategy: The CGA Entrepreneurship Report, surveyed more than 1,500 CGAs across Canada who work with, or for, small and medium-size enterprises and are uniquely qualified to speak to the challenges faced by entrepreneurs.
“Small business week is a time to celebrate the entrepreneurial spirit in Canadian business,” stated Anthony Ariganello, President and CEO of CGA-Canada. “Our report findings show that governments must commit to a national strategy on entrepreneurship to harness the potential of SMEs in Canada.”
According to CGA-Canada research, “The spirit of entrepreneurship is alive and well in Canada. But small business is still hindered by excessive compliance requirements, complex tax structures and challenges in accessing finance. The result is an unfavourable climate for investment in innovation to support growth, job creation and productivity”.
CGA-Canada’s recommends that governments:
- Make information more easily accessible about programs and services available to SMEs.
- Reduce complexity related to tax compliance.
- Ensure that decisions and actions taken in today’s climate of slow economic growth do not adversely affect SMEs. Research and understand the barriers to growth for SMEs.
- Encourage alternate methods of financing, including business angel financing and venture capital availability.
- Use the tax system and other incentives to support business growth including support for mentorship programs and angel investing.
- Reduce interprovincial trade barriers and increase access to global markets.
The report was undertaken in partnership with CPA Ireland. Research was commissioned in both countries and the CGA-Canada report compares results. CPA Ireland’s report was released in Dublin on September 22, 2010.
The CGA-Canada report, backgrounder and video highlights are available at:www.cga.org/canada/sme