
Every other month, CFIB members lend their opinions to 'Your Voice,' a survey exploring a variety of current topics. The latest takeaways are showcased in a series of informative charts that summarize these findings.
Your Voice Highlights
December 2024
CFIB’s December Your Voice survey results paint a vivid picture of the challenges and realities faced by small businesses across the country. Here are the key insights:
Falling short of expectations - a challenging year for small business
Over half of businesses fell short of their revenue, profit, and sales goals last year, underscoring the difficulties they are encountering in meeting financial expectations amid broader economic pressures.
The shadow of tariffs
A looming 25% U.S. tariff on Canadian goods, coupled with potential retaliatory measures, poses a significant threat to small businesses. With 82% of respondents expecting an impact, the ripple effects are clear: 69% foresee rising operating costs, and 65% anticipate raising prices to cope. The potential burden highlights the need for strategies to address these trade pressures.
Pandemic-related debt still weighs heavy
The weight of the pandemic still lingers for nearly 30% of SMEs who still carry an average pandemic-related debt of $65,000. The hospitality and social service sectors, already among the hardest hit, continue to face significant repayment challenges. These numbers reflect a slow recovery for businesses still grappling with the aftermath of the pandemic.
Credit card fees reduction - relief is starting to show
Small businesses are beginning to see the benefits of credit card fee reductions. Since October 2024, 7% of businesses eligible for reductions have noticed savings, and an additional 33% anticipate savings. Among those who experienced savings, 85% report these reductions are helpful to their operations.
The findings underscore the pressing need for targeted government support to address financial challenges, trade uncertainties, and sector-specific struggles, ensuring SMEs can navigate a path to recovery and growth.
Dive Deeper into the Numbers
Explore the interactive dashboard below to delve into the data from our December 2024 Your Voice survey. You can filter the data by province, sector, business size, and age for SMEs across the nation.
Marvin Cruz
Director of Research
Explore more December 2024 insights and our extensive survey collection below.
'Your Voice' survey collection
Report | Download |
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Your Voice December 2024 Topics covered:
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PDF (7.8 MB) |
Your Voice October 2024 Topics covered:
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PDF (6.2 MB) |
Your Voice September 2024 Topics covered:
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PDF (6.0 MB) |
Your Voice August 2024 Topics covered:
|
PDF (1.6 MB) |
Your Voice June 2024 Topics covered:
InsightBiz Blog: Empowering small businesses: The critical role of reducing taxes and costs
|
PDF (16.8 MB) |
Your Voice April 2024 Topics covered:
InsightBiz Blog: Small Business Financial Health Amid CEBA Loan Repayment & Carbon Tax Hikes |
PDF (370 KB) |
Your Voice February 2024 Topics covered:
InsightBiz Blog: Takeaways from our February 2024 omnibus survey: Current top challenge at Canadian firms and their preferred tax measures |
PDF (14.6 MB) |
Your Voice December 2023 Topics covered:
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PDF (379 KB) |
Your Voice November 2023 |
PDF (623 KB) |
Your Voice September 2023 |
PDF (377 KB) |
Your Voice July 2023 |
PDF (523 KB) |
Your Voice May 2023 |
PDF (5.55 MB) |
Your Voice April 2023 |
PDF (4.82 MB) |
Your Voice February 2023 |
PDF (666 KB) |
Your Voice January 2023 |
PDF (688 KB) |
Your Voice November 2022 |
PDF (880 KB) |
Your Voice October 2022 |
PDF (449 KB) |
Your Voice September 2022 |
PDF (877 KB) |
Your Voice June 2022 |
PDF (925 KB) |
Your Voice April 2022 |
PDF (1.2 MB) |
Your Voice February 2022 |
PDF (2 MB) |
Your Voice January 2022 |
PDF (831 KB) |
Your Voice November 2021 |
PDF (783 KB) |
Your Voice October 2021 |
PDF (427 KB) |
Your Voice September 2021 |
PDF (632 KB) |
Your Voice August 2021 |
PDF (485 KB) |
Your Voice July 2021 |
PDF (760 KB) |
Your Voice July 2021 (Infographic) |
PDF (4.8 MB) |
Your Voice June 2021 |
PDF (476 KB) |
Your Voice April 2021 (Infographic) |
PDF (849 KB) |
Your Voice March 2021 |
PDF (1.9 MB) |
Your Voice February 2021 |
PDF (1.4 MB) |
Your Voice January 2021 |
PDF (2.1 MB) |