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Canadian Federation of Independent Business Hoping for Relief in 2024-25 Federal Budget

On Tuesday, the 2024-25 federal budget will be introduced, and the Canadian Federation of Independent Business is hoping small businesses will see measures that will provide them with some relief.

CFIB Director of National Affairs Christina Santini says the organization is calling on the government to implement several measures.

CFIB’s main ask is for the government to pay back the $2.5 billion in carbon tax revenue they’ve been promising since 2019.

“Small business haven’t been receiving their cheques… The money’s already promised. It’s supposed to be already in the account. Deliver it to small businesses, all small businesses that pay into it. Not just a select few.”

She also wants the feds to lower the small business tax rate from 9% to 8%, at least for the next two years.

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“We’re calling on governments of all levels, particularly the federal government, to champion and undertake initiatives to reduce red tape and the paper burden. It’s just been adding on and adding on and adding on in the years that have come.”

She says even if none of these measures are implemented, the more important thing is that no additional taxes or measures are added that would take more money out of small businesses.

“Ultimately we are pushing for there to be relief measures that would provide additional liquidity to businesses, or additional cash, but what we definitely don’t want to see is any measures that would end up taking money out of businesses.”

Santini says small businesses are feeling the pinch, as energy, insurance, and occupancy costs are all on the rise. Demand is also down, as more people are shopping online, or not at all.

On the bright side, Santini says some optimism remains, as inflation seems to be cooling and the interest rate has stabilized.

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