QUESTION PERIOD — Innovation, Science and Economic Development
Support for Small Businesses
April 28, 2026
Government leader, I have raised the issue of business transfers and succession planning for SMEs before.
In Quebec alone, nearly 50,000 business owners will soon be selling or transferring their businesses, and that’s not to mention the severity of the problem in the rest of Canada. Meanwhile, more businesses in Canada have closed than opened for six consecutive quarters. Our businesses are telling us that there are too many rules, too many taxes, too much red tape and not enough incentives to support them.
How has it come to this? Why didn’t the government take action sooner to foster a more favourable climate for investment and entrepreneurship in order to avoid such a disaster?
Thank you for your question, Senator Housakos.
Contrary to the premise of your question, the government did act quickly to support small businesses and attract investment.
To help small businesses, the government reduced what you called “red tape,” in part by introducing new technology and new sandboxes. It improved access to financing through the Business Development Bank of Canada, which now offers up to $5 million in small business financing.
On the subject of investment, Senator Housakos, I’ve answered that question a number of times. According to the Economist Intelligence Unit, Canada will be the second-easiest country in the G20 to start a business in over the next five years. I think the government is certainly doing its part to —
Thank you, Senator Moreau.
The government is obviously not reacting fast enough. We have known about this problem for a long time. It has been clearly documented by the House of Commons Standing Committee on Industry and Technology, among others.
In its March 2026 report, the committee recommended strengthening solutions for the development of the next generation of entrepreneurs and implementing initiatives specifically aimed at business success and business transfers.
When will the Carney government act on this recommendation from the House —
Thank you, Senator Housakos.
The government is taking action on several fronts. Supporting businesses isn’t just about a single measure. When the Prime Minister signs economic agreements around the world and proposes measures to help small and medium-sized businesses with AI, he is supporting businesses in general, helping to create jobs and strengthening the economy at the same time.
