QUESTION PERIOD — Innovation, Science and Economic Development
Small and Medium-Sized Businesses
March 24, 2026
My question is for the government leader.
Senator Moreau, thousands of businesses and jobs in Quebec are in jeopardy: Thirty-seven per cent of the province’s entrepreneurs are over 55, and the majority of them have no succession plan. Without people to take over these companies, tens of thousands of small and medium-sized businesses built by baby boomers could disappear.
Quebec has been supporting these entrepreneurs since 2015, but the federal government is slow to take action. Given the fragile economic situation and uncertainty around tariffs, that failure to take action puts our economy at risk.
Prime Minister Carney is an experienced economist. Is his government aware of the magnitude of that risk? Why has it not taken action to create conditions to avert this imminent wave of closures?
Thank you for the question, senator.
To answer your question, the government is very aware of the challenges small and medium-sized businesses are facing. That is why it pledged to cut red tape and improve access to financing, in part by giving the Business Development Bank of Canada the authority to increase loans for small and medium-sized businesses to $5 million. The government has also given the bank a $500-million envelope to provide access to resources that will make the work of small and medium-sized businesses easier.
The government’s actions are so significant that Canada is the second-best country in the G20 in which to do businesses and the third-easiest country in the G7 in which to start a business.
Senator Moreau, we’re talking about 9,700 businesses to take over this year alone, and over 50,000 in the next five years. These transfers are protecting 144,000 jobs a year. Right now, billions of dollars and thousands of jobs are on the line.
What is your government waiting for to take concrete action? How many lost businesses and jobs will it take before your government takes real steps to roll out customized supports and effective tax incentives?
Senator Housakos, in the past year, more than 137,000 jobs have been created in Canada because of this government’s decisions. In addition to measures directly aimed at small and medium-sized businesses, the Government of Canada is forming partnerships across the world to give all companies, including small and medium-sized businesses, access to larger markets, especially in AI.
