The Canadian Federation of Independent Business is urging Canada’s premiers to make small business tax relief a top priority during this week’s Council of the Federation meeting in Prince Edward Island.

The organization says small businesses continue to face rising costs, weak consumer demand and limited access to capital.

CFIB says those pressures have led to three straight quarters where more small businesses have closed than opened.

The group is calling on governments to reduce the federal small business tax rate from nine to six per cent and raise the Small Business Deduction threshold from $500,000 to $700,000.

CFIB estimates the changes could save eligible small businesses up to $33,000 a year.