Halifax, April 8, 2024 – As the spring 2024 session of the Nova Scotia legislature concludes, the Nova Scotia government closes the door on any possibility of targeted support for small businesses, which the Canadian Federation of Independent Business (CFIB) says cites the situation financial of their businesses. and tax costs as its biggest challenges.
“Many small businesses are still trying to recover from the pandemic and have moved from the closures caused by COVID-19 to the current economic difficulties we see today, which have been exacerbated by recent increases in the minimum wage, tax carbon and payroll bonuses. ”said Duncan Robertson, senior policy analyst at CFIB.
According to CFIB, three-quarters of Nova Scotia small businesses cited tax costs as a serious concern for their businesses, followed by costs related to insurance (63%), loans (59%), wages (57% ) and fuel (55%). However, the 2024/2025 budget lacked specific measures to address these concerns.
“On a positive note, the provincial government has not caused any additional harm to small businesses this spring. However, solutions were lacking to address the key concerns of small businesses,” Robertson added.
Ahead of the spring session, CFIB proposed measures such as reducing the small business tax rate, increasing the threshold for qualifying for this rate and cutting the provincial fuel tax, which adds 16 cents on top of the $1.50 per liter base. of gas. While these measures were not introduced this spring, there were some positive results during the session, such as investments to expand the skilled trades, ending the increase in brackets and extending the life of business tax credits offered by the province. Overall, however, the spring session lacked positive measures aimed directly at small businesses above costs.
“For all that small businesses do to build our communities, they deserve a chance to catch their breath. Unfortunately, much-needed respite has not come from the Nova Scotia government this session,” Robertson concluded.
For media inquiries or interviews, please contact:
Duncan Robertson, Senior Policy Analyst
(902) 580-4538
Duncan.robertson@cfib.ca
Methodology
CFIB, February 2024 Your Voice Survey: A general, access-controlled online CFIB survey. The December findings are based on 4,092 CFIB members who own independent Canadian businesses, from all sectors and regions of the country. The data reflects responses received between February 8 and 21. For comparison, a probability sample with the same number of respondents would have a margin of error of +/- 1.5%, 19 out of 20 times.
March 2024 Business Barometer®, March results are based on 614 responses from a stratified random sample of CFIB members to a controlled-access web survey. The data reflects responses received from March 5 to 12. The results have a statistical accuracy of +/- 4.0 percent 19 out of 20 times. Each new month, the entire indicator series for the previous month is recalculated to include all survey responses received in that previous month.
About CFIB
The Canadian Federation of Independent Business (CFIB) is Canada’s association of small and medium-sized businesses with 97,000 members across all industries and regions, including 10,200 in Atlantic Canada. CFIB is dedicated to increasing business owners’ chances of success by driving policy changes at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.