Where is the hope for Atlantic Canada small businesses in 2025?

Someone I consider a friend recently asked me if I was hopeful about anything. Implying that I’m overly negative. It was a fair question. I spend a lot of time going through CFIB member data, talking with members and listening to their lived experiences. Many are not having an easy go at it.

In recent weeks it’s gone from the impacts of the Canada Post strike to the temporary HST changes, with the sustained undercurrent of soft consumer demand. Input and insurance costs are high, etc. I’m going to stop because I’ll sound negative. But that’s the lived reality of many small business owners.

So, where’s the hope?

New Brunswick: There’s a new government in place, and they are already reconsidering one of their key election promises.  Removing the infamous Higgs fuel surtax. Why? Because they listened to small gas station owners who told them this would run them into the ground.

So, there is hope in New Brunswick. The new government doesn’t appear to shy away from paying a political cost by reconsidering its commitments. Let’s hope this translates to their promise to review property taxes. As it stands small businesses will bear the brunt of that commitment.

Nova Scotia: Not a new government, but let’s call it a renewed one. With a commitment to reduce the small business tax from 2.5 to 1.5% during the election, and reducing the HST by 1%, it’s going in the right direction.

The WCB system has been reviewed. Businesses continue to pay the highest premiums in the country but there is hope the government will have the fortitude to actively support the WCB board and management with the changes that need to happen.

Newfoundland and Labrador: With the last budget the small business tax rate went down by 0.5% and the government committed to doing more on red tape reduction. Small but positive steps.

And with the recently announced agreement between the province and Quebec on electricity, there is hope the province could go from bankrupt to eliminating its debt while investing for future generations. Who knows, they could possibly also permanently remove the 15% sales tax on insurance.

Prince Edward Island: At 1%, the province still has the lowest small business tax rate in the region and one of the lowest in Canada.

Bridge tolls are a drag, but one can hope that they can be further reduced or finally eliminated. And you never know, the province could be progressive and increase the small business tax threshold too.

While optimism of small business owners declined in December and remains below historical levels in all provinces, are there things to be hopeful towards? Sure! Not everything is doom and gloom. It’s just hard for small business owners. Really hard in some instances.

Some who know me have heard me say over the years that hope isn’t a strategy.

But 2025 is a new year. Let’s be hopeful!