Alberta budget keeps costs down for small businesses

The Canadian Federation of Independent Business (CFIB) welcomes March 1’s provincial budget that further builds on the government’s plan of longterm fiscal stability and debt repayment. While the government’s commitment to freeze the education property tax is positive news, businesses were hoping that this year’s budget would include further measures like lowering the small business tax rate and increasing its threshold, while also reducing insurance taxes.

Education property tax freeze positive news. Opportunities to further decrease costs for small businesses

“Small businesses are not fully out of the woods and are facing the same economic difficulties felt across the province,” said Andrew Sennyah, Alberta senior policy analyst. “CFIB is pleased to see the Alberta government reaffirm its commitment to red tape reduction, outlining a path to eliminate the provincial debt, and continue to invest in the Alberta Heritage Savings Trust Fund. We look forward to working with the Alberta government to reduce the cost of doing business in the province.”

According to a recent CFIB survey, Alberta small business owners stated they would like to see the provincial government focus on the following areas in 2024:

• Addressing rising prices and the cost of doing business (95%)

• Reducing the overall tax burden (94%)

• Improving the quality and accessibility of health care (90%)

• Balancing the government budget/ paying down debt (89%)

• Ensuring labour policies are

reasonable for employers (89%) • Reducing red tape (88%)

“CFIB appreciates that the budget reflects the priorities of small businesses at a time when many continue to struggle with challenging economic conditions,” said Bradlee Whidden, Western policy analyst. “That being said, Alberta needs an updated long-term plan to address issues that continue to affect these businesses like red tape reduction, crime and safety, and utility costs.”