Mr. Speaker, small business week is a time to recognize the many successes of our local small businesses in communities from coast to coast to coast.
It is no secret that small businesses are the backbone of our economy and are Canada's job creators. Together, small and medium businesses across the country employ 90% of our workforce and are responsible for generating 39% of our GDP.
Since 2006, our government has been dedicated to creating an environment where our businesses can grow and succeed in the increasingly competitive global economy. Today, Canada has an 11% tax rate for small businesses. According to KPMG, Canada ranks first among G7 countries for our positive environment in which to start a business.
We also took further action to support Canadian small business owners in early September by introducing the small business tax credit which is expected to save small businesses more than $550 million over the next two years.
We thank all the small business owners across Canada for all their hard work. We wish them a happy small business week.