Business Owners Fear Tax Hikes

Nearly nine in 10 small business owners hope the upcoming federal budget does not bring new tax increases or additional costs, as they lose ground on economic recovery amid growing uncertainty and a third wave of the pandemic, says the Canadian Federation of Independent Business (CFIB). Business owners also want to see the government articulate a plan for reopening the economy (72 per cent), payroll tax relief (65 per cent), and extended and expanded COVID-19 relief for small businesses (61 per cent). Its ‘Small Business Recovery Dashboard’ shows that 56 per cent of small businesses are fully open (down from 62 per cent in March); 40 per cent are fully staffed (down from 44 per cent in March); and only 29 per cent are making normal sales (down from 31 per cent in March).