CALGARY — To reportedly mark Small Business Week, the Calgary Chamber of Commerce released its Small Business, Big Impact – a policy framework with recommendations for all levels of government to try and attract investment and strengthen the resilience and competitiveness of small businesses.
“Making up 94 per cent of businesses in Calgary and employing nearly half of Canada’s private labour force, small businesses are a primary driver of economic prosperity in our city, province and country,” says Deborah Yedlin, President & CEO at the Calgary Chamber of Commerce. “They are the entrepreneurs and innovators building the products and companies that employ Canadians and contribute directly to national prosperity.”
The Calgary Chamber of Commerce says that over t...
CALGARY — To reportedly mark Small Business Week, the Calgary Chamber of Commerce released its Small Business, Big Impact – a policy framework with recommendations for all levels of government to try and attract investment and strengthen the resilience and competitiveness of small businesses.
“Making up 94 per cent of businesses in Calgary and employing nearly half of Canada’s private labour force, small businesses are a primary driver of economic prosperity in our city, province and country,” says Deborah Yedlin, President & CEO at the Calgary Chamber of Commerce. “They are the entrepreneurs and innovators building the products and companies that employ Canadians and contribute directly to national prosperity.”
The Calgary Chamber of Commerce says that over the past five years, small businesses have faced an unprecedented series of disruptions – from global supply chain issues to rising inflation, labour shortages, mounting affordability pressures and a growing trade dispute with Canada’s largest trading partner.
In a press release, the Calgary Chamber of Commerce says that in the Calgary area, 52 per cent of small businesses identify rising costs as a key obstacle to growth, while 32 per cent anticipate a decline in profitability over the next three months.
“Small businesses are struggling in today’s economy and need increased support from all levels of government to ensure they can thrive amid ongoing uncertainty,” adds Yedlin. “Supporting small businesses is not only an economic imperative – it is a commitment to community stability, economic strength and shared prosperity for all Canadians.”
Chamber recommendations
Federal
- Lower Employment Insurance premiums for small businesses, providing direct savings to businesses and employees.
- Increase the Small Business Tax Deduction threshold from $500,000 to $750,000 and index the threshold to inflation moving forward.
- Reduce barriers to grants and funding by streamlining application processes, shortening approval timelines and introducing a Small Business Concierge Service to help entrepreneurs navigate federal programs.
Provincial
- Eliminate the small business tax, making Alberta competitive with Saskatchewan and Manitoba.
- Reduce the insurance premium tax from four per cent to two per cent.
- Invest in upskilling and reskilling programs to match employers’ talent needs within the talent pool.
Municipal
- Rebalance residential and non-residential taxes through an incremental shift of two per cent per year for the next four years.
- Minimize business disruption during construction by involving businesses early in planning and providing increased direct financial support to those affected.
- Provide micro-grants for small businesses to invest in safety and security.