A new report that highlights what a Canadian trade group described as the burden and high cost of red tape for small businesses has the support of the Credit Union Central of Canada.

The Canadian Federation of Independent Business recently released its Canada's Red Tape Report, which outlines a 10-point plan for regulatory reform.

The smallest businesses in Canada (fewer than five employees) pay 45% more per employee ($5,942) to comply with government regulation than their U.S counterparts ($4,084), according to the CFIB. The total cost of regulation to Canadian businesses is $31 billion a year, the group said.

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