7 ways to help small biz: CFIB

The Canadian Federation of Independent Business (CFIB) is presenting its pre-budget submission to the standing committee on finance today, outlining key measures that will help Canada’s small business community navigate a difficult economy in 2016.

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CFIB is calling on the federal government to implement these seven measures in the 2016 budget.

1. Continue with the reduction in the Small Business Tax Rate (SBTR) Move forward on the Government’s promise to lower the SBTR from 11% to 9%, and ensure all SMEs have access to the small business rate, including professionals.

2. Say “no” to a CPP/QPP hike Reject any plans to increase CPP/QPP premiums for employers and work with provinces to ensure more voluntary savings options, like Pooled Registered Pension Plans (PRPP), are made available to Canadians.

3. Make the Employment Insurance (EI) system fairer for employers In addition to moving forward with the platform commitment to provide an EI holiday for employers hiring youth, implement a permanent lower rate of EI for small business.

4. Make red tape reduction a priority Expand the baseline count to include rules found in policy and legislation, and set a 20 per cent red tape reduction target from the baseline count in three years.

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5. Simplify small business dealings with CRA Ensure the Small Business Consultation forum moves forward, and implement recommendations for the review of rules around active and passive income.

6. Make it easier for business owners to pass their business on to the next generation Consider re-introducing and passing Liberal Private Member’s Bill C-691, An Act to Amend the Income Tax Act (Business transfer) or similar legislation.

7. Control public sector wages, benefits and pensions Introduce an affordable, short-term disability plan and reform pensions for public sector workers that align with those in the private sector.

“As the top job creators and the drivers of our economy, small businesses’ priorities are Canada’spriorities,” says Dan Kelly, CFIB president. “Having continued access to the small business tax rate and not having to worry about an increase in their payroll taxes will go a long way to building small business confidence and encouraging economic development for Canada’s top job creators.”

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