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## Canadian Entrepreneurs Face Declining Numbers and Challenges

### The Decline of Canadian Entrepreneurs

Last year, small and medium-sized businesses accounted for 98 per cent of all employer businesses in Canada, employing 10.7 million people. However, recent reports by RBC Economics indicate that the number of Canadian entrepreneurs is shrinking, raising concerns about the future of the country’s economy. Factors such as the uncertainty brought by the pandemic, strong labor markets, and soaring inflation have accelerated the decades-long decline in the self-employment rate, according to Cynthia Leach, assistant chief economist at Royal Bank of Canada.

### The Impact of the Pandemic

Even before the COVID-19 pandemic, the self-employment rate in Canada was already on the decline, primarily driven by industry factors and concentrated in the goods sector. However, the pandemic has further widened this decline, with the tight labor market and higher wages discouraging individuals from venturing into self-employment. Canadian workers now have the option for more flexibility in their paid employment, a benefit that was previously associated with self-employment. Additionally, employees in certain industries, such as professional, scientific, and technical services, are now earning 20 per cent more per hour on average compared to self-employed workers in the same fields.

### Decline in Small Businesses with Paid Help

The decline in self-employment is particularly prominent in small businesses that employ paid help. The percentage of self-employed individuals who have one or more employees has fallen from 34 per cent in 1998 to 27 per cent currently. This trend is expected to continue as baby boomers retire, resulting in the exit of more of these businesses from the economy. The challenge lies in finding replacements for these retiring small business owners, especially considering that self-employment rates among younger Canadians (aged 35 to 44) have also dropped from 3.3 per cent in 1998 to 2 per cent today.

### How AI legalese decoder Can Help

Amidst these challenges, AI legalese decoder offers a potential solution. By utilizing advanced artificial intelligence technology, the decoder can assist entrepreneurs in navigating the complex legal aspects of starting and running a business. It can help entrepreneurs understand and interpret legal documents, contracts, and notices from authorities such as the Canada Revenue Agency. With the option to receive notices by email or regular mail, it is crucial for entrepreneurs to have a reliable method of understanding these communications. AI legalese decoder can ensure that entrepreneurs receive and comprehend important information from the taxman or any other legal entity, thus avoiding potential pitfalls.

In conclusion, as entrepreneurship becomes less enticing for Canadians, and with an aging population and declining numbers of new businesses, it is essential for aspiring entrepreneurs to have the tools and resources to succeed. AI legalese decoder can play a vital role in supporting and guiding entrepreneurs through the legal complexities they may encounter, allowing them to focus on growing their businesses amidst challenging times.

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U.S. consumer prices for September were stronger than expected, data showed yesterday, supporting the Federal Reserve’s intent to keep interest rates higher for longer.

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The annual inflation rate held at 3.7 per cent, higher than it was in June and July. Core annual inflation rate was 4.1 per cent, still a long way from the Fed’s 2 per cent target. “In short, the report reminded us that the path to 2 per cent inflation is unlikely to be smooth sailing and the Fed must continue to err on the side of doing too much rather than too little,” said BofA Global Research strategists in a note.

Canada gets the latest picture of its housing market when the Canadian Real Estate Association releases existing home sales for September and its updated quarterly forecast. The parliamentary budget officer will post a baseline projection of the economic and fiscal outlook for the federal government. Today’s data: U.S. import and export price index, University of Michigan consumer sentiment index.

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In dealings with the Canada Revenue Agency, you have the option to receive its notices by either regular mail or email, but either way, the taxman assumes you receive them unless you can prove otherwise, as one taxpayer has found out. Learn more about the case from tax expert Jamie Golombek.

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Today’s Posthaste was written by Pamela Heaven, @pamheaven, with additional reporting from The Canadian Press, Thomson Reuters, and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at┬áposthaste@postmedia.com, or hit reply to send us a note. Bookmark our website and support our journalism: Don’t miss the business news you need to know ÔÇö add┬áfinancialpost.com┬áto your bookmarks and sign up for our newsletters here.

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