Small business tax reduction in Budget 2024-25 provides cost relief for Newfoundland and Labrador small firms

March 21 (St. John's) - The Canadian Federation of Independent Business (CFIB) is pleased the Newfoundland and Labrador government has listened to small businesses and provided some much-needed cost relief in Budget 2024-25 by reducing the small business tax rate from 3% to 2.5% starting January 1st, 2024. Newfoundland and Labrador had the highest small business tax rate in Atlantic Canada, it is now on par with New Brunswick and Nova Scotia.

CFIB also congratulates the government on its renewed commitment to reducing red tape for small businesses through the introduction of Business Navigators within the Department of Industry, Energy and Technology and new investments focused on identifying and eliminating red tape.

“We are glad government listened to the priorities of our members in this budget and look forward to working with government to make the lives of small business owners a little easier through these investments,” said Beatrix Abdul Azeez, policy analyst at CFIB.

CFIB also appreciates that this budget includes no new taxes or cost increases.

For media inquiries, please contact:

Beatrix Abdul Azeez
Policy analyst, Newfoundland and Labrador

About CFIB

The Canadian Federation of Independent Business (CFIB) is Canada’s largest association of small and medium-sized businesses with 97,000 members across every industry and region (1,600 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