CFIB urges federal action on SME concerns
As Canada’s Parliament resumes, small business owners are demanding urgent action to ease financial pressure. A new Canadian Federation of Independent Business (CFIB) survey shows that 63% of small business owners are seriously concerned about high taxes, 59% worry about rising operational costs, and 56% fear ongoing economic uncertainty.
Ongoing economic uncertainty is something farmers across the country are struggling with.
CFIB leaders say entrepreneurs have endured years of disruption from strikes, supply chain issues, and high tariffs. “Between strikes, global supply chain interruptions, and crushing taxes and tariffs, small businesses have been to hell and back. Many have been adapting, pivoting and learning to live with constant uncertainty, but what they really need now is some stability,” said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB.
“Many businesses are scrambling to manage costs and make investment decisions. It’s time for the federal government to step up and give small firms the breathing room they need to survive and grow.”
The group’s petition urging Ottawa to act has already collected over 13,000 signatures. CFIB outlined clear priorities for the fall session, calling for quick clarification and implementation of recent economic measures so that revenue from Canadian counter tariffs is returned to affected firms. They also want the remaining $600 million in 2024–25 carbon tax rebates delivered to small businesses, tax free as promised.
Other key demands include increasing the Lifetime Capital Gains Exemption to $1.25 million, creating the Canadian Entrepreneurs’ Incentive, lowering the federal small business tax rate from 9% to 0%, and raising the small business deduction threshold from $500,000 to $700,000.
CFIB also recommends reducing Employment Insurance premiums for small employers and working with provinces to eliminate internal trade barriers through full mutual recognition.
CFIB Vice-President Jasmin Guenette said owners expect a federal budget that provides a concrete plan to reduce the tax and regulatory burden on small and medium-sized enterprises and details how tariff revenues will be returned.
Farmers nationwide will be watching closely to see if these promises are fulfilled during this legislative session.
Sign the CFIB petition.
https://www.cfib-fcei.ca/en/petition/national-petition-reduce-cost-doing-business
Photo Credit: Pexels - Nataliya Vaitkevich