Small business owners are active in their communities and have a vested interest in the economic success of PEI. As such, it should come as no surprise that 90 percent of Island CFIB members plan on voting in the upcoming provincial election.
While the economy of PEI is performing relatively well, growth has historically been hard to come by and PEI continues to lag behind the rest of Canada in many areas. It is vital we build on recent success to create an environment for entrepreneurs that fuels long-term growth. This means a tax environment that encourages investment and a modern, streamlined government.
If you ask any business owner they will tell you their employees are a vital part of their success. However, with an aging workforce and decades of outmigration, more and more businesses are finding it increasingly difficult to find the workers they need. Immigration is one part of the puzzle but small business owners also want to see political parties talking about boosting tax home pay by improving the tax system and having a strong focus on solid education.
Many Island small businesses are competing in the global market on a daily basis, either as exporters within Canada and abroad or with off-Island companies doing business or bidding for work in PEI. Competing means creating a competitive business environment but also helping local business access off-Island markets both in Canada and abroad.
PEI is now in a balanced budget position thanks to strong economic and population growth. However, high tax and per capita spending levels, significant debt load, high reliance on federal transfer payments, and an aging all mean PEI’s long-term fiscal outlook will be challenging. Longer-term planning is desperately needed.
For more about supporting small business success, read CFIB's Thinking Big platform.