Businesses weigh in on government’s plan to reduce credit card fees
The federal government is touting plans to help small businesses by reducing credit card fees, but some local merchants say while they welcome the measure, the actual impact it will have on their operations will be minimal.
The 2023 budget, released Tuesday, confirms a deal to lower the credit card fees paid by small businesses by up to 27 per cent.
David Worsley, co-owner of Words Worth Books in Uptown Waterloo, is no stranger to the fees associated with credit cards. (CTV Kitchener/Spencer Turcotte)
“No small business is going to say no to a few extra nickels,” said David Worsley, co-owner of Words Worth Books in Uptown Waterloo.
He says cash sales at his store are rare, and credit cards are involved in a significant chunk of transactions.
He’s no stranger to credit card fees and welcomes the move by the federal government to reduce them.
“But it's low-hanging fruit. It's not really a game changer.”
Worsley says ultimately, credit card fees are low on the list of things that keep him awake at night.
“Some quick back of the envelope math suggests it might pay for an invoice here or there. Of course it will. But will it change the game? Will it allow any prospective small business owner to say 'OK great, now I can do X.' Not really,” Worsley said.
He says tax relief is what small businesses truly need.
CFIB APPLAUDS MOVE
The Canadian Federation of Independent Business (CFIB) says lower credit card fees could help with COVID-19 recovery efforts and is significant considering Canada has some of the highest fees to accept credit cards in the world.
“Reducing fees to accept credit card payments will help businesses deal with the increased cost of doing business,” said Jasmin Guenette, vice-president of National Affairs with CFIB.
“If a small business can save up to $1,000 a year in credit card fees -- that's money they can reinvest in their business.”
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.