Alberta Budget keeps costs down for small businesses
Calgary, February 28, 2023 – The Canadian Federation of Independent Business (CFIB) welcomes today’s provincial budget that further builds on the government’s plan to get Alberta’s finances back on track and does not incur new costs for small businesses. While the government’s focus on affordability and the economy is welcomed news, businesses were hoping for further measures like lowering the small business tax rate and increasing its threshold.
“With Alberta in a surplus position, more cost relief measures like lowering the small business tax rate would have been helpful for small businesses,” said Andrew Sennyah, Alberta senior policy analyst. “Only 52% of Alberta small businesses are back to normal sales and 64% are still carrying debt as a result of the pandemic.”
- Addressing rising prices and the cost of doing business (96%)
- Reducing the overall tax burden (95%)
- Ensuring labour policies are reasonable for employers (90%)
- Balancing the government budget/paying down debt (86%)
- Addressing health care challenges (86%)
- Reducing red tape (81%)
Although the revenue and expenditure forecasts are subject to change throughout the year, CFIB is encouraged to see that the Alberta Budget is currently forecasting a surplus of $2.4 billion in 2023-24 and projects further surpluses in the 2024-25 fiscal year.
“CFIB is pleased to see the Alberta government take the well-being of small businesses into consideration by not introducing any new taxes, reaffirming its commitment to red tape reduction, and continuing cost relief measures like freezing the education property tax. These are important measures to help small businesses at a time when economic recovery remains uncertain as they continue to feel the impacts of inflation and evolving consumer preferences,” concluded Sennyah.
For media enquiries or interviews, please contact:
Andrew Sennyah, Alberta senior policy analyst
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members (9,300 in Alberta) 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. Learn more at cfib.ca.