Budget Disappoints CFIB

The federal budget was a missed opportunity to help small firms now facing massive cost increases on virtually every line of their own budgets, including payroll and carbon taxes, says the Canadian Federation of Independent Business (CFIB). “The federal budget ends all COVID support programs, including the Canada Recovery Hiring Program, which was meant to help small firms rebuild their workforce in the post-COVID recovery phase. It also doesn't help the two-thirds of businesses that were forced to take on COVID-related debt, at an average of $158,000 per business," says Dan Kelly, CFIB president. As well, despite an election promise in 2019 and a budget commitment in 2021, no progress has been made in reducing credit card fees for small business other than yet another round of consultation. “As the vast majority of credit card processing fees go to Canada's banks, it appears higher bank tax revenue for the federal government was prioritized over promised fee relief for small business," he says.