A new report from the Canadian Federation of Independent Business (CFIB) reveals that small businesses in Canada spend over 250 hours annually dealing with bureaucratic and regulatory procedures.

It is estimated that compliance with these regulations costs businesses across the country billions of dollars in lost productivity every year.

The report indicates that these procedures hinder the growth of independent businesses, as business owners must dedicate significant time to comply with government regulations instead of focusing on developing their enterprises.

The Canadian Federation of Independent Business is urging the government to take steps to streamline these regulations and reduce the regulatory burden on small businesses, which will contribute to strengthening the Canadian economy.