CFIB Urges Federal Government to Boost Entrepreneurship Amid Small Business Decline
Event summary
- CFIB calls for federal tax cuts and investment incentives ahead of April 28 economic update.
- 73% of small firms lack confidence in government support, per CFIB survey (n=1,130).
- Canada has seen six consecutive quarters of more business closures than openings.
- CFIB proposes reducing small business tax rate from 9% to 6% over three years.
The big picture
Canada's entrepreneurial drought threatens economic resilience, with fewer startups leading to reduced innovation and competition. The CFIB's proposals aim to address structural barriers for small businesses, which make up a significant portion of the economy. If implemented, these measures could stimulate investment and productivity across sectors.
What we're watching
- Policy Response
- Whether the federal government will adopt CFIB's proposed measures in the spring economic statement.
- Entrepreneurial Recovery
- The pace at which Canada can reverse its six-quarter streak of declining entrepreneurship.
- Small Business Confidence
- How tax and regulatory changes might impact small firms' trust in government support.