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A CFIB victory on credit card fees
On May 18, Deputy Prime Minister Chrystia Freeland announced new reductions on credit card fees for small businesses of up to 27% on interchange fees and 0.1% on ecommerce fees. Three-quarters (73%) of CFIB members will benefit from these reductions at a time when the cost of doing business is at a record high. During the news conference, held at CFIB member Knowledge Bookstore in Brampton, Ontario, the Deputy PM thanked CFIB President Dan Kelly for his help in getting the deal done. Read CFIB’s press release.
The CEBA loan repayment deadline is approaching and CFIB is ramping up pressure on the government to extend the deadline to December 2025. CFIB has been very active on CEBA since the very beginning of the program, and now, with 78% of small business owners needing more time to repay the loans, we are working hard to get their concerns in front of MPs. The window is closing - please consider sharing our petition with your small business network.
Top concerns for members
CFIB’s Business Advisors are answering calls on employment standards and questions relating to pay, such as termination pay entitlements, holiday pay, overtime, and minimum wage. We are also hearing from members on CEBA repayment deadlines and credit card fees, including the expected timing of settlement payments from the credit card class action suit (they are on their way!)
CFIB Business Barometer®
May’s Business Barometer shows small business long-term optimism is at its highest level in almost a year – while remaining modest and below the historical average. PEI and Newfoundland and Labrador recorded the highest index, driven by the start of the summer tourism season.
New: Environment report
CFIB’s environment report shows small businesses are making efforts to reduce their environmental impact, but they have concerns about the effect new policies and regulations could have on their ability to remain competitive, create jobs, and innovate. The report outlines 10 guiding principles for policymakers, emphasizing the importance of supporting economic growth while protecting the environment.
Coming up in June
New data release from our CEBA survey
A new report, Funding Fairness: State of Workers Compensation Funding, calls on governments to follow Ontario’s lead and legislate surplus rebates
A new Financing Report reveals financing trends among SMEs