A pedestrian walks along empty street and closed shops in the Byward Market in Ottawa in this file photo from March 23, 2020.No one planned for this. COVID-19 has brought the global economy to a standstill. With many provinces closing non-essential businesses, and consumption and consumer confidence decreasing, many Canadian small businesses are looking at extinction.
The importance of small and medium-sized businesses in Canada cannot be overstated. Canadian small businesses make up 41.7 per cent of our GDP. Businesses with fewer than 10 employees make up 73.5 per cent of the private-sector employers in Canada. From 2013 to 2018, 56.8 per cent of all new jobs were created by small businesses. To put these numbers into perspective, small businesses in Canada collectively employ six times more Canadians than large Canadian businesses.
Small businesses in the food service, travel and tourism, retail and education industries are looking at March revenue declines of 70 per cent or more. Revenue declines of this magnitude will initially result in layoffs, delaying payment to vendors and suppliers , and eventual closure. As layoffs continue to grow, consumer demand will decline significantly, further compounding the economic challenges for our economy.
acoyne globebusiness This is very sad
globebusiness With the Liberal government stumbling over themselves, it’s no surprise. Every other established nation has it in order, we’re dropping the ball...
acoyne globebusiness Sad story inadequate reading about the job creation engine of Canada being eviscerated.
globebusiness And taxes
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Opinion: Canadian businesses need much bigger subsidies for salaries during this crisisHelp announced to date is not big or fast enough to arrest the contagion that risks an economic implosion for Canada’s businesses and not-for-profits globebusiness The need to backstop every payroll to keep the system from breaking down . globebusiness How about the business that has enjoyed low taxes, subsidies,loopholes etc open some of their violets and carry the burden of this crisis. In any case, when this is over, we the people must insist govt come up with Fair tax system so they pay their share 4 doing biz here in peace CFIB globebusiness I can only assume this includes for highly profitable businesses, where past profits would never, ever be considered as available to keep these workers on. Only money paid for by other workers via income tax. You can never, ever complain about taxes again.
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