What’s In This Email

• Canadian business owners urge Ottawa to cut tax burden

• How can you tell if a job is right for you?

• Forbes Top Creators 2023 list

• Global demand for instant noodles at an all-time high

• Notable spotlight: Sḵwálwen Botanicals

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Canadian Small Business Owners Urge Ottawa to ‘Cut Our Tax Burden’

Canadian small business owners are rallying for a reduction in their tax burden to better manage their debts amidst challenging economic times. The call, spearheaded by the Canadian Federation of Independent Business (CFIB), comes at a time when businesses are grappling with the end of the forgivable portion of the Canada Emergency Business Account (CEBA) and a surprise hike in Employment Insurance rates.

Key Takeaways

• CFIB poll revealed that 66% of its members prioritize tax reduction, followed by more flexibility in repaying COVID-19 loans (57%) and cutting down bureaucratic red tape (47%).

• The forgivable portion of CEBA is set to end early in 2024, with only an 18-day extension granted by Ottawa, exacerbating the cost of doing business due to a surprise increase in the Employment Insurance rate.

• Statistics Canada reported a third consecutive monthly rise in the number of Canadians receiving regular Employment Insurance benefits, with a notable increase among core-aged men (25 to 54) and women aged 55 and older.

• CFIB suggests that a lower tax burden would enable businesses to pay down their debt (63%), increase employee compensation (56%), or expand their business through innovation and/or production enhancement (46%).

• Recommendations to Ottawa from CFIB include:

  • Extending the CEBA deadline to December 2024

  • Rejecting the proposed Employment Insurance premiums hike,

  • Freezing the carbon tax

  • Lowering the federal small business tax rate from 9% to 8% for at least two years

  • Increasing the small business deduction threshold to $700,000

  • Expediting the passing of Bill C-234 to exempt natural gas and propane used for on-farm activities from the carbon tax

  • Strengthening competition rules to level the playing field between Canadian small businesses and multinational corporations.

Why This Matters

The proposed measures, if adopted, could foster a more conducive environment for entrepreneurial growth and financial stability, which is crucial for business owners striving to establish or sustain their businesses amidst uncertain economic times. If denied, the implications of ignoring the cry of small business owners could spell doom for the Canadian economy, as 98.1% of all employer businesses in Canada were small businesses. In 2021, they employed 63.8% of the Canadian workforce, representing 10.3 million people. Medium-sized local businesses employed 21.1%.

How Can You Tell If A Job Is Right For You?

Finding the right role at the right company can be daunting, yet it's a crucial step toward fostering a fulfilling career. Organizational psychologist Andre Martin emphasizes the importance of asking the right questions during job interviews to ensure alignment between personal work preferences and the prospective job environment.

Key Takeaways

• Employee Disengagement Cost: A recent Gallup report highlighted that employee disengagement costs the global economy around $8.8 trillion, with only 23% of workers feeling they are thriving in their current roles due to misalignment with their jobs.

• Identifying a Good Fit:

  • Ways of Working: Understanding the daily work dynamics is crucial. Asking questions about how work gets done, how conflicts are managed, and what the profile of a successful person in that workplace looks like can provide valuable insights.

  • Profile Your Ideal Leader: A significant portion of employee engagement is influenced by managers. Creating an "ideal leader profile" and asking questions about the managerial style of your potential manager can be enlightening.

  • Job Description Realism: Job descriptions often list numerous responsibilities. However, focusing on the top two to three deliverables for the next six months and aligning them with your strengths can set a clear path for initial success.

Why This Matters

By adopting a proactive approach and channelling one's inner investigative journalist during job interviews, individuals can unearth a wealth of information to make informed decisions. This paves the way for a harmonious work experience and allows you to feel empowered by thriving in your role.

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🧠 Today We Learned: There is actually a word for someone giving an opinion on something they know nothing about. An 'ultracrepidarian' is someone who voices thoughts beyond their expertise.

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Notable Life is Canada's hub for young professionals, entrepreneurs, and culture generators operated by The Notable Group. Notable Daily inspires ideas and sharpens the minds of over 46,000 top-tier professionals in competitive industries.

Disclosure: While we utilize artificial intelligence (AI) to assist with certain aspects of content development, all information provided in our content is thoroughly vetted and edited by our team of humans. We strive to ensure the accuracy and reliability of all information. However, we recommend that readers conduct research or seek professional advice to make informed decisions. This email may contain sponsored content.