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Amid recently proposed tax reforms, there’s finally some good news for your business owner client: the Canada–European Union Comprehensive Economic and Trade Agreement (CETA) comes into effect tomorrow. The deal eliminates 98% of tariffs between Canada and the EU.

But only about one in five (18%) of small and medium-sized businesses are very or somewhat likely to trade with the EU as a result of CETA, finds a survey by the Canadian Federation of Independent Business (CFIB).

That could be because many business owners are unaware of the deal. In fact, the survey finds that more than half (56%) of small businesses in Canada don’t know about CETA.

Among those business owners who already trade with Europe, more than half surveyed said they plan to increase the dollar value they import from, or export to, the region over the next three years.

The survey of 4,399 CFIB members was conducted online between May 15 and June 26, 2017. Results are statistically accurate within +/- 1.48%, 19 times out of 20.

Also read:

NDP has no love for proposed tax measures

The summer’s most active tax lobbyists

Opinion: Why insurance advisors should care about small biz tax proposals

Originally published on Advisor.ca
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