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Nov 21, 2023

CFIB wants Fall Economic Statement to consider small business

The federal government should not make things worse in its ‘2023 Fall Economic Statement’ and should implement policies that would help struggling small businesses, says the Canadian Federation of Independent Business (CFIB).

"The future is not looking bright for many small businesses who are getting squeezed by rising costs on all fronts. Between high interest rates, pandemic debt loads, weak domestic demand, and labour shortages, business owners haven't had a normal month of sales in over three years," says Dan Kelly, president, CFIB. "We're urging the government to do more to help small business owners and not put the future of viable businesses at risk."

Some of the measures CFIB will be looking at include:

  • Continue to urge the government to extend the CEBA forgivable deadline further to December 31, 2024. 

  • Cancel the 2024 Employment Insurance (EI) increase and work to reduce EI premium rates for smaller businesses. 

  • Delay the phase-out of the Accelerated Capital Cost Allowances measures and make immediate expensing permanent to encourage businesses to invest in automation to help address labour shortages. 

  • Increase the small business deduction threshold to $700,000, the lifetime capital gains exemption to $1.2 million and index both to inflation. 

  • Expand the carbon tax exemption to all forms of heating fuels, including natural gas and other sources used by small business. 

  • Halt future carbon tax increases, including the hike planned on April 1, 2024. 

  • Immediately return all promised funds to all small businesses that paid into the tax. 

  • Ensure businesses are eligible for rebates or refunds equivalent to the full share of the fuel charge costs they incur (CFIB estimates 40 percent).

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