Cost of doing business a top priority for Newfoundland and Labrador small businesses as the House of Assembly’s resumes

St. John’s, March 3, 2024 – As the Newfoundland and Labrador House of Assembly reconvenes for its spring sitting, small businesses in the province are eager to see their concerns prioritized.

In a recent survey by the Canadian Federation of Independent Business (CFIB), almost nine out of ten Newfoundland and Labrador small businesses cited the cost of doing business as their top legislative priority for the year, followed by taxes (83%), and health care (78%).

“The reopening of the legislature is an opportunity for the government to show that they are listening and are prepared to meet the needs of small businesses. “The cost of doing business is high and unfortunately, small businesses in Newfoundland and Labrador are burdened by a 3% small business tax rate, the highest in Atlantic Canada, and a 15% retail sales tax on insurance, the highest across Canada,” said Beatrix Abdul Azeez, Policy Analyst at CFIB.

Small businesses in the province are facing cost pressures. According to CFIB, the top cost constraints are wage costs, cited by three-quarters of Newfoundland and Labrador small businesses, followed closely by insurance costs and regulatory costs. In addition, almost half of the province’s small businesses report that they are