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Toronto, March 9, 2017 – The Canadian Federation of Independent Business (CFIB) has released its list of recommendations ahead of the 2017 federal budget, citing a reinstatement of the promised reduction in the small business tax rate as a top priority. CFIB has also registered its concern amid rumours that the federal government may be considering reducing access to the lower rate of taxation on small business income or raising taxes on capital gains.
“We are calling on the federal government to make good on its own promise to reduce the small business rate to 9%,” said Dan Kelly, president of CFIB. “This would be one key measure the government could employ to help spur innovation and offset the impact of a CPP increase and carbon pricing.”
“The federal government needs to show small business owners that it understands the challenges they face by introducing policies and measures in federal budget 2017 to help SMEs build the confidence they need to grow their business,” explained Kelly.
Members of CFIB have also cited a rise in concern with the size of government deficits. “Debt and deficit reduction has now become the second highest priority for Canadian small business owners, just behind the total tax burden,” Kelly added. “This year, it is essential that we see a map toward balanced budgets.”
CFIB has several recommendations for the upcoming budget, including:
Read CFIB’s full pre-budget submission.
CFIB is Canada’s largest association of small and medium-sized businesses with 109,000 members across every sector and region.