Tariff relief, tax cuts and budget restraint are small business priorities for new government Français
"It was good to hear both Prime Minister Carney and Opposition Leader Poilievre pledging to work together to address the threat of U.S. tariffs in a minority Parliament. Now that we have a degree of political clarity, government needs to turn its attention to reducing taxes, cutting red tape and providing much-needed economic certainty. Small business confidence is near record lows, and CFIB is forecasting an extremely difficult second quarter for Canada's economy. We urgently need measures that would incentivize investment and help small businesses diversify their markets and suppliers," said Dan Kelly, CFIB president.
With Parliament expected to resume in the weeks ahead, CFIB is asking the new government to introduce legislation and changes that will help small businesses meet today's challenges. This includes:
Ensuring that the money collected through Canadian counter tariffs is returned quickly to affected Canadian small businesses.
Passing legislation to formally eliminate the carbon tax, ensuring the small business carbon tax rebates are delivered tax free as promised, and returning the remaining $500 million in 2024-25 carbon tax rebates to small businesses.
Delivering on the promised increase to the Lifetime Capital Gains Exemption to $1.25 million and implementing the promised Canadian Entrepreneurs' Incentive which lowers capital gains taxes on up to $2 million following a business sale.
Lowering the federal small business tax rate from 9% to 0% for the foreseeable future.
Working with provinces to capitalize on the current momentum towards the elimination of internal trade barriers by adopting mutual recognition.
Making immediate expensing available to all businesses in all sectors.
Lowering Employment Insurance premiums for smaller employers to the same rate paid by employees.
"Small businesses are looking to the new government to follow through on its campaign promises, particularly around dropping the increase in the capital gains inclusion rate, removing the consumer carbon tax and knocking down interprovincial trade barriers. CFIB stands ready to work with all elected representatives to make those promises a reality," said Corinne Pohlmann, Executive Vice-President of Advocacy at CFIB.
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada's largest association of small and medium-sized businesses with 100,000 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.
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