Madam Speaker, I am proud to be here today to talk about the actions the government has taken to support small and medium-sized businesses. Small and medium-sized enterprises employ 6.8 million Canadians, or 64% of private sector employees. These businesses form the economic bedrock of our nation, and this government will continue to create the conditions they need to succeed.
Since taking office, we have been steadfast in our efforts to reduce the tax burden for Canadian small businesses. We have eliminated the corporate surtax, eliminated the federal capital tax, raised the small business tax threshold to $500,000 and lowered the small business tax rate to 11%. To help business become more productive, we have eliminated some tariffs on imported machinery and equipment. We also extended the accelerated capital cost allowance for business investments in machinery and equipment to assist Canada's manufacturing and processing sector.
As the member opposite well knows, since the end of the recession, we have created nearly 600,000 net new jobs.
To further support job creation, in budget 2011 we extended the temporary hiring credit for small business. This provides a credit of up to $1,000 against a small employer's increases in its EI premiums in 2011. This new credit will be available to approximately 525,000 employers, saving them about $165 million. Yet, sadly, the NDP continually votes against these important measures that we put forward to help Canadian SMEs.
In recent years the government has also allocated $475 million for the Business Development Bank of Canada's venture capital program to help finance innovative start-ups. We have also raised the maximum loan amount under the Canada small business financing program to allow SMEs to access the capital they need to grow their business and create jobs here in Canada.
For younger entrepreneurs, we boosted the budget of the Canadian Youth Business Foundation to connect them with mentors, business resources and start-up financing.
The Conservative government also understands that we must reduce the paperwork burden. We have already fulfilled our commitment made in 2009 to reduce the paper burden on Canadian businesses by 20%. Last year we created the Red Tape Reduction Commission, headed by the Minister of State for Small Business and Tourism. The commission listened to SME owners across the country and will soon recommend ways to permanently reduce the paperwork burden on business owners.
Budget 2011 also announced $3 million in annual funding to modernize and make permanent the bizpal program, which gives businesses one-stop, online access to information on permit and licence requirements from all levels of government.
The government is also providing $15 million for the Canada Business Network to help small businesses get the reliable, up-to-date information they need and to obtain quick referrals to government programs and services in every province and territory.
Thanks to the hard work of the Minister of State for Finance, we have also tabled legislation to establish pooled registered pension plans. This will provide a pension option for the many workers, like those in small businesses, who currently do not participate in a company pension plan.
These are just some of the many proactive measures that we have taken in support of Canadian small business. Our Conservative government has continually stood up for small business, while the NDP members continually vote against and oppose measures to help small businesses in Canada.