Halifax, April 26, 2017 – The Canadian Federation of Independent Business (CFIB) will be available for comment immediately following the release of the provincial budget on Thursday April 27, 2017. CFIB’s Atlantic vice-president, Jordi Morgan, will be available to discuss the impact of the budget on small and medium-sized businesses (SMEs) in Nova Scotia.
On behalf of over 5,200 SMEs across Nova Scotia, CFIB made several recommendations for this year’s budget, including:
Tax Relief
- Increase the Small Business Income Tax Threshold from $350,000 to $500,000.
- Increase the Basic Personal Exemption (PBE) from $8,481 to $11,000.
- Reduce the provincial portion of the HST.
- Increase the Dividend Tax Credit on small business dividends.
- Implement a tax incentive for hiring/training employees.
Red Tape Reduction
- Establish a baseline measurement of the red tape burden in Nova Scotia.
- Set clear targets for red tape reduction and publically report on progress.
Spending Restraint
- Maintain commitment to balancing the budget.
- Reduce Nova Scotia’s public sector employment rate to the national average.
- Set targets to align public sector wages and benefits with private sector levels.
- Limit government spending to no more than population plus inflation.
Support for Innovation
- Support a wide variety of SME innovation activities that increase productivity and competitiveness.
To arrange an interview with Jordi Morgan, please contact Ryan Richard at 902-420-1997 or email ryan.richard@cfib.ca.
CFIB is Canada’s largest association of small and medium-sized businesses with 109,000 members across every sector and region.
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