In an exclusive interview with CanadianSME Small Business Magazine, The Honourable Rechie Valdez, Minister of Small Business, shared her vision for fostering entrepreneurship in Canada. As a former small business owner, Minister Valdez highlighted the significance of Small Business Month, celebrating the contributions of entrepreneurs who form the backbone of Canada’s economy. She discussed recent government initiatives aimed at reducing costs and supporting growth, including lower credit card fees and tax cuts, while also emphasizing the importance of inclusive programs like the Women Entrepreneurship Strategy and the Black Entrepreneurship Program. With a focus on creating a more inclusive and supportive business environment, Minister Valdez is committed to empowering Canadian entrepreneurs to achieve long-term success.
The Honourable Rechie Valdez was elected as the Member of Parliament for Mississauga—Streetsville in 2021. She has been a member of various parliamentary committees and associations, including the Standing Committee on Veterans Affairs and the Canadian NATO Parliamentary Association, as well as the Chair of the Canada-Philippines Parliamentary Friendship Group. Minister Valdez is a Canadian entrepreneur, television personality, and community advocate. She is the first Filipino-Canadian woman elected as a Member of Parliament and appointed to Cabinet, and is committed to ensuring the diverse voices of her community are heard. Before entering politics, Minister Valdez owned and operated a small business, and dedicated herself to growing her online business avenues. She was also the host of a television show that shares the stories of entrepreneurs, creators, and artists. Prior to that, she worked in corporate banking for 15 years, where she developed her expertise in change management and strategic initiatives. Drawing on her longstanding advocacy, Minister Valdez also sponsored the National Women’s Entrepreneurship Act in 2022. A sports enthusiast, Minister Valdez has used her love for basketball to raise funds for children’s charities. She has made numerous media appearances, was a public speaker, and is a mentor dedicated to the empowerment of women, girls, youth, and diverse and marginalized groups. Born and raised in Zambia, Minister Valdez immigrated to Canada with her family in 1989. She is married and the mother of two children.
As we celebrate Small Business Week/Month, what does this occasion mean to you personally, and how do you see it impacting Canada’s small business community?
Happy Small Business Month everyone!
As a former small business owner, Small Business Month is deeply personal for me. I know firsthand what it is like to hustle—to put in the long hours, take risks, and juggle multiple responsibilities just to make your dream a reality. I remember what it felt like to take that leap, leaving behind the security of a steady job to build something from the ground up.
For so many entrepreneurs across Canada, this is their reality, too. And that is why this month is so important. It is a time to shine a light on the contributions of small business owners who are at the heart of our economy and our communities. Small businesses account for more than two-thirds of the private sector jobs in Canada, and they generate more than one-third of our national GDP. That is no small feat, and it does not happen without enormous dedication and sacrifice.
Small Business Month is a moment to celebrate the resilience, innovation, and hard work of entrepreneurs across the country. It is also a chance to recognize how essential small businesses are in creating jobs, building vibrant communities, and driving Canada’s economic growth. I am honoured to be your Minister of Small Business, and I am excited to continue working with you all to support the future of Canada’s entrepreneurs.
The federal government has implemented several measures to help small businesses save money. Could you elaborate on the most impactful initiatives, such as reducing credit card transaction fees and tax cuts?
Our government is committed to making life easier for small business owners, cutting costs so you can focus on what matters most—your success and growth.
We delivered on our promise to reduce the small business tax rate from 11% in 2015 to 9% today, and then went further by raising the income threshold for the small business deduction from $15 million to $50 million. This means more small businesses can benefit from lower taxes.
On October 1st, I announced that small businesses will see up to 27% decreases in their credit card interchange fees with Visa and Mastercard, effective October 19th. This is going to save small businesses up to $1 billion over the next five years—a significant win for business owners across Canada.
On top of that, we will soon be rolling out the Canada Carbon Rebate for Small Businesses, which will deliver over $2.5 billion directly to up to 600,000 small and medium-sized businesses. These savings put more money back into the pockets of hard-working entrepreneurs, allowing them to reinvest in their businesses and their futures.
Inclusive entrepreneurship is a key focus of your government. How are programs like the Women Entrepreneurship Strategy and the Black Entrepreneurship Program changing the landscape for underrepresented entrepreneurs in Canada?
As Minister of Small Business, my priority is creating an inclusive economy where every entrepreneur has the chance to succeed, no matter their background. Our Women Entrepreneurship Strategy (WES) has supported over 110,000 women entrepreneurs, including 60,000 from diverse and underserved communities. The Black Entrepreneurship Program (BEP) has also been a game-changer, supporting over 14,000 Black entrepreneurs through mentorship and loans.
We are also empowering young entrepreneurs through our $60 million investment in Futurpreneur, which will help over 6,000 youth start their or grow businesses. And our 2SLGBTQI+ Entrepreneurship Program, the first of its kind in the world, is breaking down barriers for 2SLGBTQI+ entrepreneurs by providing access to crucial resources and mentorship.
These programs are helping to build a stronger, more inclusive entrepreneurial ecosystem for all Canadians.
As we conclude, what message of encouragement would you like to share with aspiring entrepreneurs and small business owners across Canada?
To anyone thinking about starting a business: go for it. I know it is scary, but if there is one thing I have learned, it is that the best journeys start with a leap of faith. Trust yourself. Believe in what you are building. And do not be afraid to take that step forward, even when the path ahead looks uncertain. You are not just starting a business—you are following your dream and creating something that can change your life and your community.
I have been there, too. I know the long nights, the doubts, and the moments where it feels like you are carrying the world on your shoulders. But the reward is worth every challenge. Surround yourself with people who believe in you, and do not hesitate to reach out for support. You do not have to do this alone.
And when you are ready to dive in, do not forget to explore our Business Benefits Finder. It is an incredible tool that connects you to over 1,500 federal and provincial programs that can help you every step of the way. You can find it through the link in my bio (@rechie.valdez).
