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Moreover, 92% of respondents need the federal government to right away repay $2.5 billion in carbon tax revenues that SMEs have been owned since 2019.
“The federal government has promised to return $623 million for 2024/25, elevating the whole to over $3.1 billion in cash owed to SMEs,” stated Dan Kelly, CFIB president.
The group additionally desires Ottawa to chop the small enterprise tax price to eight% from 9% for not less than two years, enhance the small enterprise deduction threshold and index it to inflation, decrease Employment Insurance coverage (EI) premiums for smaller employers, introduce a timeline to steadiness the funds, and cut back purple tape.
“The upcoming funds must return confidence to small companies about their future,” stated Corinne Pohlmann, EVP of Advocacy at CFIB. “These stay difficult instances for Canada’s small companies. They’re nonetheless struggling to get well and develop, particularly after Ottawa’s resolution to not prolong the forgivable Canada Emergency Enterprise Account deadline and forging forward with will increase in carbon taxes, employment insurance coverage premiums, CPP premiums and alcohol taxes to date this yr.”
R&D assist
In the meantime, a separate survey from KPMG in Canada requested enterprise house owners and C-suite leaders from greater than 500 Canadian corporations starting from these with revenues as much as $1 billion to these with lower than $9 million, together with 42% which can be household owned.
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