The majority of entrepreneurs are hoping the federal budget won’t include any new tax increases.
With many businesses struggling due to prolonged restrictions related to COVID-19, business owners are hoping the Government of Canada will present a plan for reopening the economy.
According to a survey from the Canadian Independent Federation of Businesses (CFIB), only 56 per cent of small businesses are fully open—down from 62 per cent in March, while 40 per cent are fully staffed—down from 44 per cent in March, and 29 per cent are making normal (pre-pandemic-level) sales—down from 31 per cent in March.
Additionally, CFIB is calling on the Government of Canada to extend and expand COVID-19 relief for small businesses until the entire economy can reopen, as well as to implement a moratorium on any new taxes and costs to small businesses, and forgive more small business debt and allow longer repayment terms for loans.
“With recovery indicators trending in the wrong direction, it’s imperative for the federal government to redouble its efforts to support small businesses. In fact, 87 per cent say that government supports need to stay in place until all restrictions can be safely lifted,” Corinne Pohlmann, senior vice-president of national affairs for CFIB, said in a news release.