Calgary, February 24, 2022 – The Alberta budget provided some cost relief for small businesses still struggling from the impacts of the pandemic and inflation, says the Canadian Federation of Independent Business (CFIB). CFIB appreciates the Alberta government did not introduce new tax increases or additional cost – maintaining CFIB’s call to do no harm to small businesses. However, small businesses were hoping to further measures like refreezing the education property tax and lowering the small business tax rate.
“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, labour shortages and introducing cost relief measures like the natural gas rebate program,” said Annie Dormuth, Alberta provincial affairs director. “These are important measures to help small businesses at a time when economic recovery remains uncertain and small businesses need cost relief.”
Further CFIB survey results show what challenges Alberta small businesses face heading into 2022:
- Rising prices (fuel, food, insurance and etc.) (89%)
- Government increasing costs (CPP premiums, paid sick days, taxes, minimum wage) (76%)
- Supply chain challenges (increased time and effort to access the products) (76%)
- Cost of COVID-19 business restrictions (47%)
- Financial situation of our business (43%)
- Labour shortages (41%)
- Health impacts (myself, staff or others) (41%)
“CFIB also recognizes the province has managed the pandemic well by allowing businesses to keep open as much as possible, but small businesses are still very much in survival mode. More cost relief measures like freezing the education property tax and lowering the small business tax rate would have been helpful for small businesses. Still only 30% of Alberta small businesses are back to normal sales and have accumulated $165,000 in COVID-19 related debt,” concluded Dormuth.
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Alberta provincial affairs director
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 95,000 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.