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The Canadian Federation of Independent Business (CFIB) says Canada’s small businesses are facing growing financial pressure from tariffs and trade changes.
New data shows nearly one in five small businesses will not survive more than six months if the economy does not improve.
Tariffs on steel, aluminum and U.S. goods are hitting firms hard, and the end of the De Minimis Exemption is adding more strain for smaller importers.
Michelle Auger, Senior Policy Analyst at CFIB, explained the loss of De Mininis Exemption could have major impacts.
Businesses report rising expenses, falling revenues and stalled investments.
CFIB has been lobbying to lower the small business corporate tax rate, which Auger said would provide some relief.
Some companies are now turning to new suppliers and markets in Canada and beyond.
More details on CFIB’s advocacy are available at CFIB.ca.
Story by: Evan Gibb