Ahead of 2024 election, Nova Scotia small businesses look to party leaders for a plan to address rising cost of doing business

Halifax, November 4, 2024 – As Nova Scotians head back to the polls, small businesses are looking to provincial party leaders to not leave them in the rearview mirror.  

“Costs are rising, demand is falling, and labour shortages are costing Nova Scotia’s small businesses $1 billion in missed business opportunities. Small businesses are concerned about the financial health of their business and hope to see proposals to make the province an affordable place to do business,” said Duncan Robertson, Senior Policy Analyst at the Canadian Federation of Independent Business (CFIB). 

According to CFIB, lowering the small business tax rate could be one way to give small businesses room to breathe. The Federation estimates that lowering the small business tax rate from 2.5% to 1% could save each small business in Nova Scotia up to $7,500. 

“Savings from tax reductions do not go into the back pockets of small business owners, they go right back into their business and our communities. Close to two-thirds of small businesses in our province would put those savings toward increasing employee compensation, and over half would pay down debt or consider expanding,” added Robertson. 

In addition to improving the tax environment for small businesses, party leaders can introduce policies such as:  

• Cutting the provincial fuel tax  
• Lowering payroll cost by improving the Workers’ Compensation Board (WCB) system, thereby lowering premiums 
• Commit to not adding new costs to Nova Scotia’s small businesses  
• Focusing on red tape accountability and reduction measures, including eliminating internal trade barriers  
• Working with municipalities to lower property taxes and help address other issues like mitigating the impact of public construction projects on small businesses 

“Small businesses in our province are resilient, and there is no doubt they will do whatever it takes to keep their doors open and support their community. What party leaders can do this election is show some kind of sign that they understand the challenges facing small businesses and introduce policies that give them some room to catch up, keep up, and ultimately get ahead,” Robertson said. 

For media enquiries or interviews, please contact: 
Duncan Robertson 
Senior Policy Analyst 
(902) 580-4538 
Duncan.Robertson@cfib.ca  

Methodology 
The data referenced in this news release was gathered through the June Your Voice 2024 CFIB online, controlled-access survey – Final Results, Active dates: June 6-19, 2024. Results based on responses from 139 CFIB members who are owners of Canadian independent businesses, from all sectors and regions of the country. For comparison purposes, a probability samples with the same number of respondents would have a margin of error of +/- 2.17%, 19 times out of 20. 

Reductions in the Small Business Tax Rate (SBTR) calculations are based on data provided in Nova Scotia’s 2024-2025 Budget. The tax base subject to the SBTR, determined through 2024-2025 budget data, are multiplied by the current and hypothetically lowered rate to determine revenue loss. 

About CFIB 
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small- and medium-sized businesses with 97,000 members across every industry and region, including 10,200 in Atlantic Canada. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.