-- More businesses in Canada have closed than opened for six consecutive quarters and more than half (55%) of small business owners say they wouldn't recommend starting a business right now, according to new research by the Canadian Federation of Independent Business (CFIB).
Canada has been in an entrepreneurial "drought"; a sustained period when business exits consistently outpace new business starts, since early 2024, CFIB said in a report published on Wednesday.
With high costs, red tape and labor challenges discouraging the next generation of entrepreneurs, reversing Canada's entrepreneurial drought must be treated as a national economic priority, added CFIB.
"We cannot afford to regulate ambition out of our economy," said Brianna Solberg, CFIB's director for the Prairies and the North said. "When more than half of current small business owners are telling you they wouldn't recommend starting a business, it's time to listen."