With Newfoundland and Labrador’s budget expected in Spring 2026, we’ve outlined key priorities to support small businesses across the province.
Entrepreneurs in Newfoundland and Labrador are facing rising costs that are pushing many to the brink. Soaring insurance premiums, climbing utility and payroll expenses, and rising fees and input prices are stretching budgets to the limit. In our pre-budget consultations, we have been clear: small businesses need immediate support. We are calling for three urgent, non-negotiable measures:
- Cut the small business tax rate from 2.5% to 1%, effective immediately. Phased-in relief is not enough. Businesses need real savings today.
- Eliminate the 15% commercial insurance tax. This cost drives expenses across every sector and directly threatens business viability.
- Reinstate real red tape reduction through the Regulatory Accountability and Reporting Act. Less paperwork, faster permitting, and government accountability will make doing business in the province predictable and efficient.
These are not abstract policy ideas; they are practical, achievable steps that directly affect the daily operations of thousands of entrepreneurs. Every day that passes without action, businesses make harder choices: cutting hours, deferring investment, or closing entirely.
In the lead up to the budget, we maintain direct and ongoing access to key government decision-makers, including engagement with Finance Minister Craig Pardy.
Election promises to lower the small business tax and cut red tape are critical to the survival of the province’s entrepreneurs. The government has made public commitments, to reduce the small business tax rate from 2.5% to 1% and improving from an F to an A on CFIB’s report card.
The upcoming budget is the province’s chance to act decisively and empower small businesses to hire, invest, and grow.
Are you a small business owner looking for support, advocacy, and policy changes that put small businesses first? Become a CFIB member today.
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