Regina, March 21, 2017 – Marilyn Braun-Pollon, Vice-President, Prairie & Agri-business for the Canadian Federation of Independent Business (CFIB) will be available tomorrow to provide the small business reaction to the Saskatchewan budget and Federal budget. Braun-Pollon will be available in the rotunda of the Legislative Building immediately following the introduction of the provincial budget speech and the release of the federal budget.
2017 Saskatchewan Budget:
“Given the number of ongoing challenges facing Saskatchewan entrepreneurs, we worry the provincial government may increase taxes and eliminate certain tax exemptions in the 2017 budget, which will further jeopardize our competitiveness,” added Braun-Pollon. “Instead, the government needs to continue to focus on implementing significant spending restraint and clearly outline a plan to get back to balance.”
CFIB’s 2017 pre-budget survey asked entrepreneurs what options the Saskatchewan government should implement to balance the budget; 72% of Saskatchewan small business owners support spending restraint (i.e. reducing the size of government through workforce attrition, freezing government wages, etc). 56% support the province running a modest deficit in 2017-18 with a plan to balance its budget in 2018-19. Only 7% of business owners believe the government should increase provincial taxes to collect additional revenue.
2017 Federal Budget:
Senior representatives of the Canadian Federation of Independent Business (CFIB) will be available for comment immediately following the release of the federal budget tomorrow. CFIB president Dan Kelly and senior vice-president Martine Hébert will both be available in Ottawa to discuss the impact of the budget on small business. On behalf of over 109,000 small and medium-sized businesses across the country, CFIB has made several recommendations for this year’s federal budget, including:
- Small business taxes: The reduction in the tax rate from 10.5% to 9% (as was promised by the government during the 2015 election) is CFIB’s top recommendation for federal budget 2017. CFIB urges government not to further narrow the access to the lower rate.
- Capital gains taxation: CFIB urges government not to raise taxation on capital gains by either increasing the inclusion rate or reducing the lifetime capital gain exemption. This would serve to kill innovation by discouraging risk taking.
- Employment Insurance (EI): Extend the Small Business Job Credit or consider implementing a permanently lower EI rate for small employers. CFIB also recommends government deliver on its campaign promise to introduce an EI holiday for hiring youth.
- Innovation: Introduce an “Innovation Deduction” that would allow businesses to claim up to $100,000 per year spent on new equipment or technology, in the year of purchase. 82% of small business owners believe such a policy would be helpful for their business.
- Labour and Temporary Foreign Workers (TFWs): Adopt CFIB’s proposed solution to address permanent labour shortages - an Introduction to Canada Visa, a first step toward permanent residency.
- Reduce red tape: In order to further reduce the burden imposed on small business, the one-for-one rule – for every new requirement that the government introduces, one of equivalent burden must be removed – should be broadened to include rules found in policy and legislation.
Read CFIB’s full pre-budget submission.
To arrange an interview with Marilyn Braun-Pollon, please call (306) 757-0000, 1-888-234-2232 or email [email protected]. You may follow CFIB Saskatchewan on Twitter @cfibsk.
To arrange an interview with Dan Kelly or Martine Hébert on the federal budget, please contact Kiara Morrissey at 647-464-2814 or email [email protected]. You may follow CFIB on Twitter @cfib.
CFIB is Canada’s largest association of small and medium-sized businesses with 109,000 members (5,250 in Saskatchewan) across every sector and region.