Ottawa

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Good afternoon.

I am pleased to announce that today the Government of Canada has introduced new legislation to enshrine the One-for-One Rule in law.

Our Government is committed to reducing the red tape burden on small and medium-sized businesses. The One-for-One Rule is part of our package of regulatory reforms aimed at cutting the red tape that can stifle business productivity and success.

Under the One-for-One Rule, for every new regulation added that imposes an administrative burden on business, one must be removed.

Canada is the first country in the world to give the One-for-One Rule the added muscle of legislation, making it the most aggressive red tape reduction measure in the world.

It has already saved Canadian businesses nearly $20 million in administrative burden costs — which represents a reduction of 98,000 hours in time spent dealing with regulatory red tape.

The One-for-One Rule, which has been in effect since April 1, 2012, has also given regulators a chance to reduce the number of regulations currently on the books, while continuing to preserve the health, safety and security of Canadians.

By mid-December 2013, we had achieved a net reduction of 19 federal regulations.

We believe cutting red tape and making the regulatory process as pain-free as possible is one of the most important things we can do to help Canadian businesses thrive, particularly in this time of global economic uncertainty.

It gets rid of business irritants in areas such as payroll, labour and trade, and introduces time-saving new measures like single windows and electronic submissions.

The One-for-One Rule is the cornerstone of our Red Tape Reduction Action Plan.

This Plan can increase Canadian competitiveness, free business to innovate, grow and create jobs, and underscores Canada's reputation as one of the best places in the world in which to invest and do business.

Thank you.

src:news.gc.ca