Toronto, March 17, 2022 - The Canadian Federation of Independent Business (CFIB) is deeply concerned about the potential upcoming work stoppage at Canadian Pacific Railway (CP) and its impact on Canada’s economy as small businesses are starting to recover from the pandemic and are dealing with supply chain issues.
The timing could not be worse for our members.
As many businesses rely heavily on rail services to send and receive their goods from Canadian and international suppliers, the work stoppage will further disrupt their operations and create more uncertainty at a time that is already challenging for many businesses. Currently, only 35% of businesses have returned to normal sales, while debt levels and share of businesses considering bankruptcy remain high.
CFIB’s latest research shows 89% of small businesses are impacted by supply chain challenges, with retail, manufacturing, and construction businesses being the hardest hit sectors. Business owners are also seeing increased prices of their goods and services, delays in receiving shipment and an increased cost of shipping to customers.
Three in ten business owners have seen their business’ costs increase by more than 20% due to supply chain issues, while 39% are waiting more than a month for shipments.
The work stoppage will cause additional burdens on many of these businesses and put their future and the livelihood of their employees at a greater risk.
CFIB is asking the federal government to make sure both parties stay at the negotiation table until an agreement is reached while rail services remain fully active.
- Corinne Pohlmann, Senior Vice-President of National Affairs at CFIB
- Jasmin Guenette, Vice-President, National Affairs
For media enquiries or interviews, please contact:
Dariya Baiguzhiyeva, CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 95,000 members 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.