1 in 6 business owners are contemplating shutting down, survey suggests
More than 200,000 Canadian businesses could close permanently during the COVID-19 crisis, throwing millions of people out of work as the resurgence of the virus worsens across much of the country, according to new research.
The Canadian Federation of Independent Business said Thursday one in six, or about 181,000, Canadian small business owners are now seriously contemplating shutting down.
The latest figures, based on a survey of its members done between Jan. 12 and 16, come on top of 58,000 businesses that became inactive in 2020.
The CFIB surveyed 4,129 of its members in an online questionnaire between Jan. 12 and 16. Because it was just of CFIB members, the poll is not statistically randomized, but a properly randomized poll of that size would be considered accurate within 1.5 percentage points, 19 times out of 20.