The Canadian Federation of Independent Business is urging the provincial government to eliminate the retail sales tax on insurance to help ease the cost of doing business in Newfoundland and Labrador.
The CFIB says while it’s pleased that government introduced some of its recommendations to help small business in the province in the recent sitting of the House of Assembly, eliminating the sales tax on insurance remains an outstanding issue.
Newfoundland and Labrador is the only province in Atlantic Canada to charge the tax, which at 15 per cent, is the highest in the country.
The small business advocacy group says recent data from its Monthly Business Barometer shows that insurance costs remain a major cost constraint for eight out of every ten small businesses in the province.
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