The number of Canadians who want to own a business has hit an eight-year high despite ongoing economic challenges, according to a recent study by

Royal Bank of Canada

.

The RBC Small Business Poll interviewed 2001 Canadians and said 59 per cent of them want to start and grow their own business, an increase of 13 percentage points in the past two years and a level not seen since 2017.

Ontario led the way with 68 per cent of aspiring entrepreneurs, followed by Atlantic Canada at 62 per cent, Alberta and Saskatchewan/Manitoba at 60 per cent and Quebec at 45 per cent.

Overall, 81 per cent of Canadians said they believe owning a small business is a viable way to earn a living.

“Small-business owners have faced many hurdles in recent years — from the

pandemic

to

supply chain disruptions

and now

shifting tariffs

,” Karen Svendsen, RBC’s senior director of small business and partnerships,

said in a release

. “What we’ve consistently seen is their resilience. They continue to pivot, adapt and find new ways to serve Canadians in meaningful ways. It’s no surprise Canadians recognize small businesses as essential to both our economy and our communities.”

Canada’s current small-business owners are adapting to stay competitive in the ever-evolving market, with 61 per cent saying they adjusted their business strategy in the past year and 51 per cent saying they made “significant” changes to their business model.

The current environment has 46 per cent of owners saying it demands greater proactivity and 43 per cent saying that taking risks is essential to long-term success.

“For small-business owners, resilience is not just about weathering the storm; it’s about using challenges as a springboard for reinvention and long-term growth,” Svendsen said.

Inflation

and tariff concerns were cited as the top worry by 56 per cent of those polled, but optimism remains high. Three-quarters said they were adapting well to market volatility and 76 per cent described themselves as “resilient” in the face of change.

Most small-business owners said they remain positive about the year ahead, with many planning to invest in

digital upgrades, brand-building, new market expansion and innovation, while also monitoring profit and growth.

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Canadian discount retailer Dollarama Inc.’s shares have surged 35 per cent this year. Its gains outstrip the likes of Loblaw Cos Ltd., Metro Inc. and Empire Co Ltd.

Find out more

.

  • Today’s Data: Canada retail sales for July

  • David Rosenberg: The Bank of Canada and Fed finally cut rates, but both clearly have more to do
  • The government can’t do math, but the average Canadian is to blame for not calling it to account
  • BMO chief financial officer to retire as Canadian banks continue making executive changes
  • Canadian public servants using AI for work may be putting government data at risk

Moving can be very expensive, but, fortunately, the net out-of-pocket costs can be significantly reduced if you’re eligible to claim a tax deduction for your moving expenses on your personal tax return. To be eligible, you must meet strict requirements under the Income Tax Act, lest the Canada Revenue Agency challenge your deduction, which is what happened in a recent Tax Court case decided last month.

Read on to find out more

.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at

wealth@postmedia.com

with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column

can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus, check out his

mortgage rate page

for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s

YouTube channel

for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Noella Ovid with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report or a suggestion for this newsletter? Email us at

posthaste@postmedia.com

.

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