Taxes, labour and transportation costs lead small business concerns.
Charlottetown, October 31, 2024 — As the Prince Edward Island Legislative Assembly prepares to reconvene on November 5, the Canadian Federation of Independent Business (CFIB) is calling on the provincial government to address pressing issues that are impacting small businesses across the province.
"Prince Edward Island's small businesses are grappling with significant challenges, from high operational costs to transportation barriers, all while facing reduced consumer demand," said Frederic Gionet, Senior Policy Analyst at CFIB. "It's vital for the government to implement policies that alleviate these pressures and support the growth of our local businesses, and, even more importantly, avoid adding new burdens."
According to recent CFIB data, a considerable number of PEI small businesses are operating under financial strain, with nearly 1 in 5 owners reporting they are in a weak or critical condition. This has led to nearly half (48%) of the province’s small business owners to advise others against starting a business right now, citing the high cost of doing business as the primary reason.
Key issues weighing heavily on PEI’s small businesses include:
"By addressing these issues, the provincial government can make progress towards the success and sustainability of small businesses in PEI," concluded Gionet.
Frederic Gionet
Senior Policy Analyst, PEI / Atlantic
506-866-5548
frederic.gionet@cfib.ca
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 over 900 in PEI and 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.