As the federal government prepares to announce its budget April 7, the Canadian Federation of Independent Business is expressing concerns that Ottawa will not provide enough help for struggling small businesses across Canada.
“We’re quite concerned that we will see an end to all the pandemic support programs and focus on growing social programs rather than focusing on getting the economy back in order,” said Dan Kelly, Canadian Federation of Independent Business president and CEO, speaking to SooToday in a phone interview from Toronto Thursday.
It is anticipated the feds will announce significant spending on programs such as dental care and pharmacare.
“I’m not arguing that some of the programs would be very worthwhile but the problem is that if we’re trying to do all of them at the same time, we have to sort out who is going to pay for all of these things…small businesses are very afraid that they are going to be looked at as a source of revenue to pay for all of these, either now or in the future,” Kelly said.
“The sheer volume of new social spending could put us on a pathway to make deficits bigger and permanent. We’ve been hoping that the Liberals would focus instead on moving us to more of an economic agenda and getting the economy in better shape but it doesn’t seem like that’s likely.”
“That worries us a great deal,” Kelly said.
“A lot of small firms have been put through the wringer. They’ve been hanging on by a thread. Small businesses are facing a whole bunch of new cost increases in 2022.”
Kelly said the CFIB wants to see a budget with relief for small businesses, especially in the current COVID era.
Kelly also said the CFIB wants to see a freeze on any new government-imposed costs on small businesses such as the carbon tax, increased EI and CPP premiums and would like to see an extension of small business friendly programs such as the Canada Hiring Recovery Program (CRHP).
The CRHP provides funding to help small businesses to hire more staff.
CFIB wants the federal government to extend CRHP to at least September 2022.
Kelly said CFIB wants Ottawa to forgive a larger portion of Canada Emergency Business Account (CEBA) loans to small businesses upon successful repayment.
Kelly said CFIB wants the federal government to ease up on its COVID-19 pandemic restrictions as a way to encourage consumers to have confidence and buy goods and merchandise from small businesses.
While crediting provincial governments — including Ontario — for easing COVID restrictions, Kelly said “the federal government hasn’t.”
CFIB has expressed its concerns to Ottawa, stating the federal government needs to rethink its vaccination mandate.
“It’s been heartening to see that finally public health officials, and provincial governments, are now encouraging people to get back to normal. The federal government has not,” Kelly emphasized, observing that most Canadians have now received COVID-19 vaccination jabs and that it is now time to get back to normal business conditions.
If not, Kelly said, “we run the risk of driving our economy into the ground and driving people crazy.”
As for urging the federal government to heed the Canadian small business community’s concerns, Kelly would only say “we’ve sent a load of letters to the federal government. Help is needed.”
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
This report by The Canadian Press was first published Sept. 13, 2024.
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.
The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.
The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.
The personal and household goods subsector fell 2.5 per cent to $12.1 billion.
In volume terms, overall wholesale sales rose 0.5 per cent in July.
Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.
This report by The Canadian Press was first published Sept. 13, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 172.18 points at 23,383.35.
In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.
The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.
The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.
The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.
This report by The Canadian Press was first published Sept. 12, 2024.
