CFIB presents pre-budget submission to Finance Committee for Budget 2017
Toronto, September 29, 2016 – In a presentation made today at the House of Commons Standing Committee on Finance, CFIB outlined how small business priorities can boost economic growth through Budget 2017.
“Small business owners play an important role in our economy and they hope that the second budget of the federal government will include measures to help them support Canada’s economic growth. Today, we presented several initiatives the government can adopt to help small businesses improve their capacity to create more jobs, grow and innovate,” said Monique Moreau, Director of National Affairs for the Canadian Federation of Independent Business.
CFIB members have identified the following priorities to help them grow Canada’s economy:
Creating the right fiscal conditions for investment and job creation
- Balanced budget: Present a plan to return the federal budget to balance within three to five years
- CPP expansion and corporate taxes: Mitigate potential impact of a CPP hike on small firms by reinstating the plan to reduce small business corporate tax rate to 9 per cent
- Employment Insurance: Institute a permanent, lower EI rate for small businesses and renew the EI “holiday” for hiring young workers
Optimizing labour market policies
- Training: Ensure training funds recognize informal, on-the-job training provided by small firms; introduce a flexible, accessible training tax credit for small businesses
- Temporary Foreign Worker program: Continue program review and work towards a pathway to permanent residency for all TFWs
Supporting the innovation agenda through “smarter” regulation
- Introduce the Innovation Lens: When implementing new regulations, policies and taxes, ensure that these do not negatively impact businesses’ abilities to innovate
- Red Tape: Make red tape reduction a priority and carefully consider the need for all new regulation
“We’re looking forward to collaborating with the government on policies to boost economic growth and promote investment in Canada’s vital small business sector: let’s hope the 2017 budget sets the foundation,” concluded Moreau.
Read CFIB’s complete pre-budget presentation.
CFIB is Canada’s largest association of small- and medium-sized businesses with 109,000 members across every sector and region.