Many sectors are preparing for the switch to the HTS
The Canadian Federation of Independent Business released the latest findings of the Business Barometer earlier this week.
The Barometer found that the confidence level of Canadian small business was at 66.4, up year-over-year from last April. However, it did decline 5 points from March. Over the past few months, the domestic economy has been booming, but is beginning to show signs of a slowdown. The small drop in confidence is likely the result of that slowdown, speculates the CFIB.
Still, having a confidence level between 65 and 75 has traditionally been a signal that the economy is growing. Confidence levels over 50 means that owners are expecting their business performance to be stronger in the next year.
Confidence improved in the agriculture, transportation, finance, professional services, and hospitality sectors. The survey also found many consumer-driven businesses in Ontario and British Columbia are getting ready for the switch to the Harmonized Sales Tax.
Despite the downswing of confidence from March, many Canadian entrepreneurs are expecting to start their own businesses - a study from Intuit showed that 33 percent of entrepreneurs are seriously contemplating starting a small business in the next two years.
