The federal economic and fiscal update includes new spending initiatives and program extensions aimed at Canada’s small businesses. Here are the most notable items business operators need to know about:

SUPPLY CHAIN RELIEF

The federal government aims to help Canadian ports build more cargo storage capacity, among other measures, to help relieve supply chain congestion. The government plans to do this by soliciting proposals under the National Trade Corridors Fund and said the fund will dedicate up to $50 million for eligible projects.

CARBON TAX REBATES

The feds are proposing to return a portion of proceeds collected under carbon tax programs to small- and medium-sized businesses in provinces where a federal price on pollution was imposed (Alberta, Saskatchewan, Manitoba and Ontario). It’s estimated this new program, beginning next fiscal year, would return at least $200 million to qualifying businesses.

PROGRAM EXTENSION

The Highly Affected Sectors Credit Availability Program is being extended to March 31, 2022. It was previously scheduled to expire at the end of this year. The program provides up to $1 million in low-interest loans to businesses whose revenue has plunged 50 per cent or more as a result of the pandemic. The government said that as of Oct. 31, the program has distributed $2.7 billion via more than 11,500 loans.

AIR QUALITY TAX CREDIT

For business owners looking to improve the air quality in their workplace, the government wants to introduce a refundable Small Businesses Air Quality Improvement Tax Credit. The credit would refund a quarter of expenses incurred for ventilation improvements, and would be applied retroactively from Sept. 1, 2021 and continue until the end of next year. The credits cover a maximum of $10,000 per location and an overall total of $50,000.