TREASURY Board President Tony Clement on Wednesday introduced the Red Tape Reduction Act in Parliament to enshrine the One-for-One Rule in law. This fulfills a commitment made in the Government of Canada’s October 2012 Red Tape Reduction Action Plan and reaffirmed in the October 2013 Speech from the Throne. This introduction occurred during the Canadian Federation of Independent Business (CFIB) Red Tape Awareness Week.

Making the One-for-One Rule law will help permanently control the growth of federal regulatory red tape. Under the One- for-One Rule, for every new regulation added that imposes an administrative burden on business, one must be removed.

* During its first year of implementation, the One-for-One Rule provided a successful, system-wide control on regulatory red tape impacting business.

* It is estimated that the application of the One-for-One Rule in 2012–2013 will save businesses 98,000 hours per year in time spent dealing with regulatory red tape.

* As of December 12, 2013, under the One-for-One Rule, the government had reduced administrative burden by almost $20 million and achieved a net reduction of 19 regulations.

* The Red Tape Reduction Action Plan, currently the most ambitious red tape-cutting initiative in the world, can increase Canadian competitiveness and free business to innovate, grow, and create jobs. It underscores Canada’s reputation as one of the best places in the world to do business and invest.

“Our Government is committed to reducing the red tape burden on small and medium-sized businesses. Canada is the first country in the world to give the One-for-One Rule the added muscle of legislation. The Rule has already saved Canadian businesses nearly $20 million in administrative burden costs and thousands of hours in time that businesses spend on dealing with regulatory red tape,” said Clement.