Mr. Speaker, I am happy to respond to the comments made earlier by the member for Banff—Airdrie on the question of small business taxation..
Small businesses are critical for the Canadian economy. We know they represent 90% of all businesses, and employ more than 10 million Canadians. Our government is committed to ensuring they have the right tools and conditions to continue to grow, prosper, and create well-paying, middle-class jobs.
Our government has a clear plan when it comes to the Canadian economy. We are cutting taxes for those who need it most and we are making investments to grow our economy and set ourselves up to succeed for years to come. Our plan is working. In fact, in two years of being in government, we are seeing growth the members opposite would have loved to see during their decade in office.
The economy has created more than 600,000 jobs since we came to office. Our growth now leads the G7. However, our work is not done, which is why, in October, the Prime Minister announced that our government would fulfill our promise to lower the small business tax rate to 9% by January 1, 2019.
Canada's small business tax rate was already the lowest in the G7, and with this action, we are lowering even further. Small businesses will save up to $7,500 per year as a result. This includes the many businesses that work in Canada's tourism sector, including campgrounds, which is part of the member's original question.
When it comes to the member's question and his concern, it is important to remember that of the over 20,000 small and medium-sized businesses reviewed by the CRA, fewer than 20 businesses classified as recreational vehicle parks and recreational camps were denied the deduction.
There are more than 200,000 businesses in our tourism sector, and nearly all are small business. We are seeing record growth in the sector, but our work does not stop there either.
We are also investing to support small businesses throughout the economy as they work to create jobs. It is why we introduced our innovation and skills plan, which will support businesses as they invest in innovation, job creation, and growth in communities right across the country.
We also introduced the innovation superclusters initiative. Through this initiative, we will invest $950 million to support key sectors of Canadian strength. This initiative is not just about supporting one business; it is about creating centres of expertise right across the country. We will connect large businesses with innovative small businesses and research institutions to build business-led innovation superclusters.
This initiative was very popular. Our government received more than 50 letters of intent, which represented more than 1,000 businesses from across the country. This past October, the Minister of Innovation announced a short list of nine applicants. Their proposals are now being assessed. Five applicants will make up the final group. Each successful application will require involvement from several small businesses, and the private partners must match our investments, dollar for dollar.
We are working with businesses from coast to coast to help them create jobs and grow their businesses. This is part of the government's overall commitment to build a stronger middle class in Canada