Yukon Budget 2023-24 delivers some stability for small businesses, more help needed for recovery
March 2, 2023 - The Canadian Federation of Independent Business (CFIB) appreciates that the 2023-24 Yukon Budget delivers some stability for small businesses at a time when many are still feeling stressed and uncertain about the future of the economy.
Measures such as extending the Paid Sick-Leave Rebate program and the Inflation Relief Rebate, as well as keeping the small business tax rate at 0%, will serve to support small businesses in the territory.
The allocation of funding to address healthcare challenges will also be welcomed by Yukon small business owners. In response to a recent CFIB survey, 88% of small businesses indicated that “addressing healthcare challenges” should be a top priority for the territorial government in 2023. Other priorities include:
- Addressing the rising costs of doing business (91%);
- Ensuring labour policies are reasonable for employers (88%);
- Reducing the overall tax burden (87%); and
- Reducing red tape (76%).
“Given all the challenges small business owners are currently facing, namely heavy debt loads, skyrocketing inflation, increased input costs, and rising interest rates, we appreciate that this year’s budget includes no new costs for small businesses,” said Brianna Solberg, CFIB legislative affairs director. “However, with the Yukon government predicting a $48.2-million surplus for 2023, we would have liked to see additional measures introduced to support small business recovery.”
Earlier this year, when CFIB met with Premier Pillai, we presented him with our member’s priorities for Budget 2023-24, including the recommendation that the overall tax burden must be reduced if the government finds itself in a surplus position. Our members indicated that they would use those tax savings to increase employee compensation, pay down their business debt, and lower or maintain their prices.
“With only half of small businesses back to normal sales levels and the majority still staring down significant pandemic-related debt and stress, many small business owners will require additional cost-relief in order to stay open,” concluded Solberg.
For media inquiries, please contact:
CFIB Legislative Affairs Director
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners’ chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings.