From a release:
HALIFAX: As MLAs return to Halifax for the first sitting of the 65th General Assembly, small businesses are looking to the government to follow through on their promise to cut the small business tax rate.
“During the 2024 election, we saw all-party support for reducing the small business tax rate, signalling a clear need to improve our province’s tax environment,” said Director of Legislative Affairs for Nova Scotia at the Canadian Federation of Independent Business (CFIB). Duncan Robertson.
“Facing sustained high cost and economic uncertainty surrounding tariffs, government must follow through on promised tax cuts for small businesses in Budget 2025-2026.
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According to CFIB research, when asked what tax reduction should be a priority, 77% of CFIB members in Nova Scotia responded with the small business tax rate, the highest result of any province in Canada.
“Over the past few weeks, Nova Scotians have had a renewed focus on shopping and supporting local,” added Robertson.
“Reducing the small business tax rate and increasing its eligibility threshold is one way the government can do the same and provide real support when small businesses in our province need it most.”
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In addition to tax relief, small businesses hope to see the upcoming sitting of the legislature focused on strengthening the provincial economy by:
Reducing interprovincial trade barriers, which equate to a 21% tariff on Canada’s economy.
Eliminating the provincial fuel tax.
Tying minimum wage increases to the rate of increase of the median wage in the province and increasing the personal basic amount to put more money back in the pockets of Nova Scotians.
Cutting red tape, which CFIB estimates costs Canadian businesses collectively close to $18 billion.
Mandating Nova Scotia Power Incorporated to publicly publish an annual rolling forecast of electricity rates up to 2030 and update this forecast annually.
“The provincial government has said it wants to take the ‘no’ out of Nova Scotia, it’s time for them to put that in action this spring sitting and say ‘yes’ to policies that help small businesses catch up, keep up, and get ahead,” Robertson concluded.
