CFIB's 2011 federal budget recommendations for the Year of the Entrepreneur

OTTAWA, Feb. 3 /CNW/ - In a meeting earlier today with Finance Minister, Jim Flaherty, CFIB pushed for job-creating measures that will encourage small business growth in the next federal budget.  CFIB shared its pre-budget ideas outlined in a report also released today:  From Recovery to Growth: Helping small business spur economic growth.

"Having carried Canada's economy through the worst of the recession, small business owners are now poised to lead Canada's growth. It is vitally important that the 2011 federal budget contain policy decisions that will help, and not hurt, their future plans.  This is especially relevant as the Federal Government recently joined CFIB in declaring 2011 as the 'Year of the Entrepreneur'," said Catherine Swift, CFIB President and CEO.

Key concerns for small business owners are payroll taxes, red tape and growing government debt. They would also like to see measures that can actually help keep more money in their firms to invest in new employees, new equipment and/or new opportunities.

Some of CFIB's key recommendations include:

  • Introducing a Hiring and Training credit so small businesses can receive a one-year EI holiday on increased payroll to encourage new hiring and offset increasing payroll taxes.
  • Indexing the Lifetime Capital Gains Exemption to inflation, as was previously promised.
  • Planning for future reductions in the small business corporate tax rate to limit eroding the differential between the small business rate and the general corporate tax rate and raise the threshold for the small business corporate tax rate to $600,000.
  • Requiring CRA to provide written interpretation on tax inquiries when requested by telephone or email.  If a business follows CRA advice which turns out to be incorrect, the firm should not be held responsible.
  • Reducing the growing gap between public sector and private sector compensation, benefits and pensions, increase the retirement age in the public sector and move from defined benefit to defined contribution pension plans in the public sector.

The list of CFIB's top 11 recommendations for budget 2011 and the full report with many more pre-budget ideas to spur Canada's economic growth can be found at www.cfib-fcei.ca

As Canada's largest association of small- and medium-sized businesses, CFIB is Powered by Entrepreneurs™. Established in 1971, CFIB takes direction from more than 108,000 members in every sector nationwide, giving independent business a strong and influential voice at all levels of government and helping to grow the economy.


SOURCE CANADIAN FEDERATION OF INDEPENDENT BUSINESS

For further information:

To arrange an interview with Catherine Swift contact Linnet Forand at: 613 235-2373.

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CANADIAN FEDERATION OF INDEPENDENT BUSINESS

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