NL small businesses urge party leaders to tackle rising costs with real solutions ahead of 2025 provincial election

St. John’s, July 28, 2025 – The Canadian Federation of Independent Business (CFIB) is calling on all party leaders in Newfoundland and Labrador to put the priorities of small and medium-sized businesses at the forefront of their agendas as the province charts its economic future.

“With eight out of 10 business owners urgently seeking tax and cost relief, it is critical that political leaders address the pressing issues of high taxes, costs, and regulatory burdens that are holding back our members,” said Jonathan Galgay, Director of Legislative Affairs at CFIB. “Cutting costs can mean keeping staff, avoiding price hikes, and keeping small businesses strong. That helps everyone.” In addition to improving the tax environment for small businesses, party leaders should introduce measures such as:

• Committing to not adding new costs to Newfoundland and Labrador small businesses.
• Lowering the small business tax rate to 1% and increasing the small business threshold from $500,000 to $700,000 and indexing the threshold to inflation annually.
• Eliminating the 15% sales tax on insurance.
• Eliminating internal trade barriers by adopting mutual recognition legislation.
• Readopting the Regulatory Accountability and Reporting Act and incorporating the Charter of Governing Principles.
• Amending the Towns and Local Service Districts Act and City’s Act to allow municipalities to compensate small businesses affected by construction projects.

CFIB urges all parties to commit to meaningful action to ensure Newfoundland and Labrador’s businesses can thrive and drive economic growth across every community.

“As Newfoundland and Labrador’s small business owners continue to face some of the highest costs and regulatory burdens in the region, we need to see real leadership and concrete action from all parties,” said Galgay. “Our members are ready to invest in their businesses and communities, but they need government to step up with meaningful solutions that will allow them to prosper and drive economic growth across the province.”

For media inquiries, please contact:

Jonathan Galgay
709-743-6069
Jonathan.galgay@cfib.ca

About CFIB

The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small- and medium-sized businesses with 100,000 members across every industry and region, including 1,700 in Newfoundland and Labrador. 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.