Murray Wood: Who's hot... and who's not
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TORONTO — A new poll finds Canadian businesses are feeling optimistic about the federal government’s economic agenda, but that it will come down to executing on those priorities as the country stares down threats of fresh tariffs from the U.S.
A KPMG survey, which polled 359 business leaders online between June 25 and July 13, found 51 per cent say their firm will be better off as a result of the federal government’s economic measures over the next three years.
However, their optimism is tempered by a desire for faster policy execution, the report found.
Many respondents said there are regulatory hurdles to scaling their business in Canada. More than two-thirds said regulatory requirements created institutional gridlock; while 65 per cent said over-regulation and higher taxes make it harder for businesses to grow and remain in Canada.
“Businesses accept the need for appropriate safeguards, but want faster, more predictable processes that accelerate project delivery and enable investment and scaling decisions,” Lachlan Wolfers, national leader at KPMG Law, said in a news release.
Half of the businesses surveyed want the federal government to prioritize removing red tape and fast-track a new West Coast oil pipeline.
Forty-seven per cent say Ottawa should accelerate major project spending, while 43 per cent say tax reforms could help lift the economy.
The survey was taken before the U.S. threatened to implement 50 per cent tariffs on a wide-range of Canadian goods beginning Aug. 19, but it still gives insight into how leaders are thinking about the trade volatility.
Wolfers said many businesses are taking a measured approach and want to wait and see how the latest U.S. tariffs will shake out before reacting.
Meanwhile, he said the survey shows business leaders want Ottawa to stay focused on actions that are within Canada’s control to build economic resilience, such as delivering on the federal economic agenda faster, improving tax competitiveness and diversifying trade.
As Canada-United States-Mexico trade agreement negotiations intensify, the report found nearly seven in 10 respondents want Canada to be a tough negotiator and use its leverage, while most see trade tensions continuing to shape their company operations for the foreseeable future.
Joy Nott, partner for trade and customs at KPMG Canada, said while business leaders want to defend Canada’s position in the CUSMA negotiations, they also recognize that it’s a fundamental reset in the trade partnership and the risks that come with it.
Meanwhile, one-third of businesses say they plan on expanding to new markets within the next one to three years. A quarter say they are already exporting or exploring exporting to markets where Canada has struck trade deals.
The European Union, United Kingdom and Mexico were the most common non-U.S. markets where business owners increased their trade over the past year.
The Canadian Research Insights Council, an industry organization that promotes polling standards, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
This report by The Canadian Press was first published Aug. 5, 2026.
Ritika Dubey, The Canadian Press
