The Canadian Federation of Independent Business is calling on the provincial government to make the spring sitting of the House of Assembly a “turning point” to help small business.
The CFIB would like to see the Regulatory Accountability and Reporting Act reinstated and strengthened.
The Act, which expired under the previous government, is “one of the most important tools available to ensure transparency and accountability” according to the CFIB.
The federation says as of 2024, the total cost of regulation for Canadian businesses reached $51.5 billion annually with $17.9 billion of that amount attributed to red tape.
Director of Legislative Affairs with the CFIB, Jonathan Galgay says the Act must return, and stronger than before.
He’d also like to see a lowering of the small business tax rate from 2.5 to 1 per cent while increasing the threshold from $500,00 to $700,000. They’re also looking for the elimination of the 15 per cent tax on insurance, and the adoption of mutual recognition legislation thereby eliminating internal trade barriers.
