The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

www.insideHALTON.com | OAKVILLE BEAVER | Thursday, March 7, 2013 | 4 Federal government is cutting red tape for business by Nathan Howes Special to the Beaver By cutting red tape and program spending, Canada's treasury board president Tony Clement says the federal government is creating the best environment for businesses to succeed. Clement, who is also the Minister of Federal Economic Development Initiative for Northern Ontario, made the statement Friday morning during his presentation at an Oakville Chamber of Commercehosted breakfast. "Oakville is a key focus in our country for innovation and growth. The entrepreneurial spirit that is so critical to our successes as a nation is alive and well here," said Clement.. "We believe Canada, as a whole, is a great place to do business and we're not the only ones who think so." Clement said Forbes magazine ranked Canada amongst the best countries to operate, adding it was based on the banking system, declining tax rates and a "relative lack of red tape." "When Prime Minister (Stephen) Harper goes to leaders' meetings, the basic consensus is the rest of the world has to look more like Canada in terms of our fiscal prudence, our wise regulation and our focus on jobs and growth," said Clement. To reduce red tape, the federal government launched its Red Tape Reduction Action Plan in October 2012. It introduces reforms to the federal regulatory system to cap the size and cost of red tape and improve customer service. The government announced three new red tape initiatives in January that will generate approximately $10 million in annual savings for Canadian businesses, according to a news release. As a former small business owner, Clement said he knows how challenging red tape can be, and noted the government's plan is a way to reduce the "irritants of doing business in our country." Clement said changes to the Corporations Returns Act as an example of how the plan saves businesses money. He noted only corporations with revenues of more than $200 million, assets of more than $600 million or foreign debt and equity of more than $1 million have to report financial and ownership information to the government. "(More than) 32,000 businesses would no longer be required to file Tony Clement, president of the Treasury Board of Canada and a federal minister speaks at an Oakville Chamber of Commerce breakfast at the Holiday Inn, Oakville Centre Friday. photo by Michael Ivanin ­ Special to the Beaver a complex government return. Just that change saves our businesses $1.2 million a year," he said. For every new regulation that "comes onto the books," which doesn't involve health and safety and has an impact on small business, the government has to assess the financial impact, he said. Regulatory agencies proposing the change will also remove a non-health-and-safety regulation "off the books." "Perhaps we will find a way to solve the problem without automatically adding a new regulation that has an impact on small business," said Clement. The government is requiring agencies in Ottawa to post a twoyear prospective regulatory plan, which provides small businesses with input on proposed changes and time to adapt if accepted, Clement said. "We're always looking for ways to deliver excellent government services at a less burdensome cost to the taxpayer and small and medium-sized enterprises," said Clement. "This will help us spur innovation and help us improve the conditions of doing business in our communities." In terms of program spending, the minister said Canada continues to reduce the numbers. Government spending was 16 per cent of the gross domestic product (GDP) during the peak of the 2008 economic recession but dropped to 13. 8 per cent in 2012, he said. "It is scheduled and projected to drop to 12.5 per cent of the GDP in 2017 or 2018. It means we have a global reputation for fiscal prudence," said Clement. "We're leaving no stone unturned when it comes to reducing government spending to sustainable levels." Since the recession, Canada's economy has generated more than 900,000 new jobs -- 90 per cent full-time and more than 75 per cent in the private sector ­ he said. Clement stated the federal government intends to balance the budget by the end of its parliamentary term in 2015. It's on schedule despite lower commodity prices giving all provincial governments a "little bit of a hit." "I believe we are making the right decisions that will have a positive impact on your business. We're doing the prudent thing (by) finding ways to deliver excellent services to Canadians at a more sustainable cost in the long run." Call today for your personal tour. We'd love to have you join us! · Enjoy our fresh home cooked meals- never catered · Daily housekeeping including linen and laundry service · Our spacious sun filled facility · Nursing staff 24 hours a day for your peace of mind Retirement Living 380 Sherin Drive, Oakville, Ontario (905) 847-1413 www.vistamere.ca At Its Best