CFIB statement on the start of Small Business Week
CFIB statement on the start of Small Business Week
Toronto, October 17, 2022 – Today is the first day of Small Business Week and CFIB celebrates the 1.2 million small business employers and the millions of self-employed who contribute so much to Canada.
These are not easy days for Canada’s entrepreneurs. While COVID restrictions are in the rear-view mirror, the pandemic’s legacies of lackluster sales, pandemic debt, labour shortages and massive cost hikes are in full swing.
CFIB’s latest data from its Small Business Recovery Dashboard shows 56% of small businesses across Canada have yet to return to their normal levels of revenue. On top of that, small firms are still carrying an average of $144,000 of pandemic debt. Recent CFIB research suggests that the upcoming holiday shopping season, which so many small businesses typically count on to finish the year in the black, is expected to be muted as well.
Small firms need the support of the public and their governments. Consumers can help by choosing local, independent businesses over giant multinationals whenever possible. They can help by paying with cash or Interac debit instead of high cost credit cards. And they can recommend their favourite small businesses to friends or on social media.
As for governments, CFIB recommends they adopt a “do no harm” approach and avoid implementing polices that would put the livelihood of many small businesses at further risk. CFIB urges governments to:
Freeze planned tax hikes, including the upcoming 2023 increase in CPP, EI, carbon and liquor taxation
Increase the forgivable portion of the CEBA loan to at least 50% and extend the repayment deadline to December 2024
Increase the small business deduction to $600,000 (currently $500,000) and index it to inflation thereafter
Lower the federal small business tax rate from 9% to 8%, at least for the next two years, to help businesses recover
Promote a policy of "mutual recognition" of provincial rules and regulations to improve internal trade
Immediately implement the promised reduction in credit card fees for small merchants
It’s never been easy to run a small business, let alone in the current economic times. As we mark the start of Small Business Week, we can all support small businesses across the nation by choosing to shop local and by putting in place policies that encourage entrepreneurship.
- Dan Kelly, President, Canadian Federation of Independent Business (CFIB)
For media enquiries or interviews, please contact: Milena Stanoeva, CFIB 647-464-2814 public.affairs@cfib.ca
About CFIB The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 95,000 members across every industry and region. 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.
Print Article
Share Article
