Local businesses are feeling less confident with new taxes and more paperwork in 2019 according to the Canadian Federation of Independent Business.

According to the CFIB entrepreneurial confidence dipped 2.5 points in the past month.

“Local business owners are being burdened with big new taxes and paperwork this year particularly the Employer Heath Tax and Speculation Tax,” said CFIB BC Policy Analyst Muriel Protzer.

Protzer said the red tap and new taxes are a growing concern of small business owners.

The Prince George Chamber of commerce echoed these concerns. CEO of the PG Chamber of Commerce Todd Corrigall said the new tax is going to have a tremendous impact in the coming year.

“People who have payrolls above the threshold may be looking at downsizing some of their workforces or adjusting the way they do business,” said Corrigall.

Since the tax just came into place, Corrigall said it’s too soon to see exactly what and how significant the impact will be.