TORONTO – A report by the Canadian Federation of Independent Business says small business confidence fell in September amid renewed tariff uncertainty and rising energy prices.
The association says its monthly business barometer long-term optimism index, which has been trending lower since July, fell 10 points in September to 47.9. The short-term optimism index also dropped 10 points to 43.3.
A reading of less than 50 on the scale between zero and 100 indicates more businesses surveyed are expecting a weaker performance than a stronger one.
Andreea Bourgeois, CFIB director of economics, says tariff uncertainty, along with rising oil and gas prices, are keeping small business confidence in check.
U.S. President Donald Trump imposed tariffs on nearly $28 billion worth of Canadian goods in August. Ottawa replied with retaliatory tariffs on American products.
Trump has also ordered bans on imports of Canadian-made liquor and a handful of dairy products that will take effect Sept. 29.
This report by The Canadian Press was first published Sept. 24, 2026.
