CFIB issues priorities for upcoming federal budget
Taxes related to business succession, carbon tax and payroll taxes top the SME priority list.
OTTAWA — The Canadian Federation of Independent Business (CFIB) is urging all federal parties to put forward policies that make it more affordable to own, operate and pass on a small business, including fair tax treatment of family succession, lowering payroll taxes, and reducing red tape.
CFIB said with an aging population, succession is a growing concern for small business owners, many of whom wish to sell their business to their children. According to the association’s research, 72% of business owners plan on exiting their business within the next decade, which represents a transfer of assets potentially worth over $1.5 trillion.
CFIB is recommending the following measures be included in the upcoming federal budget:
• Pause planned CPP premium hikes and implement an EI credit which effectively lowers the rate for small businesses.
• Allocate an equal share of carbon tax revenues between households and businesses to better reflect the share of carbon taxes being paid by each.
• Put in place a plan to return to balanced budgets within the next five years.
• Reduce red tape by improving government customer service, including through utilizing digital technologies.
• Ensure that the Canada Training Benefit meets the needs of both employees and employers.
CFIB is an association of small and medium-sized businesses with 110,000 members across every industry and region.