Canada’s tourism operators struggling to stay afloat as debt mounts: poll
says businesses are struggling to stay afloat under a pile of debt and a dearth of overseas visitors., some 45 per cent said they were likely or somewhat likely to shut down within three years unless the government steps in to adjust their loan conditions.
The tourism association is calling on the federal government to extend the zero-interest repayment deadline for CEBA loans to Dec. 31, 2025, two years past the current deadline. About 30 per cent of survey respondents, mainly small- and medium-sized operations, reported more than $250,000 in outstanding debt. One in five claimed debt between $100,000 and $250,000.One reason for revenue struggles weighing on repayment efforts is a lack of tourists from abroad compared with 2019.
Potter said business travel in particular remains down relative to pre-pandemic totals. “Not only business events like conferences and trade shows and that kind of thing, but also transient business travel, with somebody flying into Toronto for a meeting and then flying back out again.”Americans have “cocooned within their own country,” Potter said, adding that she remains hopeful they will return in force soon.
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