MEDIA ADVISORY - Federal budget 2024: CFIB available to comment

TORONTO, April 15, 2024 /CNW/ - The Canadian Federation of Independent Business (CFIB) will be available for comment prior to and after the release of the federal budget tomorrow. CFIB president Dan Kelly, executive vice-president of advocacy Corinne Pohlmann and vice-president of national affairs Jasmin Guenette will be in Ottawa on April 16 to discuss the federal budget and small businesses.

Over three-quarters (77%) of small business owners say addressing rising prices and the cost of doing business should be a top priority for government in 2024, while another 74% want to see government reduce the overall tax burden, according to a recent CFIB survey.

CFIB has made several recommendations to the federal government, urging it to focus on reducing the cost of doing business by:

• Returning the $2.5 billion in carbon tax revenues owed to all small businesses, not just certain sectors
• Lowering the federal small business tax rate from 9% to 8%, at least for the next two years
• Increasing the small business deduction threshold (e.g., to $700,000) and indexing it to inflation going forward
• Lowering Employment Insurance (EI) premiums for smaller employers
• Introducing a timeline to balance the budget
• Reducing red tape

Final results for the Your Voice ? December 2023 survey, conducted from December 7-19, 2023, number of respondents = 3,148. For comparison purposes, a probability sample with the same number of respondents would have a margin of error of at most +/-1.7%, 19 times out of 20.

The Canadian Federation of Independent Business (CFIB) is Canada's largest association of small and medium-sized businesses with 97,000 members across every industry and region. CFIB is dedicated to increasing business owners' chances of success by driving policy change at all levels of government, providing expert advice and tools, and negotiating exclusive savings. Learn more at cfib.ca.

SOURCE Canadian Federation of Independent Business