With employment insurance and Canada Pension Plan hikes set for 2023, the Canadian Federation of Independent Business warns that some businesses will struggle to meet payroll.As the Canadian national soccer teams head to their respective FIFA World Cups, Derek Van Diest is on the scene to cover all the action. Expect expert insights and analysis in your inbox daily throughout the tournaments, and weekly on Thursdays for the rest of the season.
Over half of small businesses across Canada have not returned to normal levels of revenue, according to the CFIB, which noted 58% are also still carrying pandemic-related debt averaging more than $114,000. CFIB is asking Ottawa to work with the provinces to freeze or offset the upcoming 2023 CPP hikes, freeze the 2023 EI increases or introduce a refundable credit, similar to the 2015-16 Small Business Job Credit.Article content, so business owners can share their concerns with the upcoming payroll tax increases.
Freeland said in September that the EI premium increase will amount to about $31 a year more for the average worker. Conservative Leader Pierre Poilievre has accused the government of making the economic situation worse with these increases and demanded that the Trudeau Liberals rescind them.
LizBraunSun This can wait
LizBraunSun Maybe they’ll finally stop voting Liberal, no sympathy
LizBraunSun Typical Liberals. Killing small business one day at a time!