March 04, 2010 08:00 ET

Media Advisory: Deloitte Tax Specialists Across Canada Available for Federal Budget Commentary

Insight and reaction available on wide range of tax issues and how they impact Canadian business, individuals and the economy

TORONTO, ONTARIO--(Marketwire - March 4, 2010) - Deloitte tax specialists across the country are available to provide commentary and analysis on today's federal budget. From personal income tax rate cuts to RRSPs to reducing the deficit to tougher tax enforcement, Deloitte tax leaders can help explain how the budget will affect business and individual taxpayers in each region across Canada. They will also be able to provide insight on a wide variety of economic and business issues.

Post-lock-up commentary in Ottawa following budget lock-up at 4 p.m. ET

National Tax Leader Andrew Dunn and Partner John Hutson will participate in the federal budget lock-up and will be available to provide both commentary, analysis and interviews immediately following the budget lock-up in Ottawa: Centre Block, Parliament Hill (Railway Committee Room 253-D) at 4 p.m. ET.

Live reaction to budget scheduled for 6 p.m. ET

New this year, Deloitte will host a live streaming Internet-based interview with key tax leaders at 6 p.m. ET on featuring Deloitte's reaction to the budget. As well, an in-depth report outlining all key budget highlights will be posted on later this evening.

Propelling corporate growth and furthering Canada's international competitiveness

In addition, and for a forward-looking analysis on creating a business climate that propels corporate growth and furthers Canada's international competitiveness, Deloitte leaders are available to discuss their reaction to whether the following three issues were featured in today's budget:

1. Stimulating business investment in Canada by introducing SR&ED tax credit refunds    
  With many countries improving their scientific research and experimental development (SR&ED) tax incentive regimes, global competition for R&D using tax incentives has increased dramatically over the last few years. Canada has yet to introduce SR&ED tax credit refundability to all businesses. This move would help align the risk involved in R&D investment with the incentive provided by the immediate cash benefit. If Canada is to compete in attracting more innovation investment by multinationals, it must launch a SR&ED tax credit refund program for all companies.    
2. Enhancing Canada's international tax advantage by reducing corporate tax burdens    
  Many Canadian companies are forced into the international arena earlier in their life cycle than many foreign competitors based in countries with larger domestic markets. As a result, they face greater operational and tax risks, challenges, and costs than these competitors. Changes can be made to reduce the administrative and financial burden on Canadian companies that operate internationally and on foreign companies with Canadian operations.
3. Removing tax barriers that prevent badly needed foreign investment in Canada    
  Specific changes must be made to Canada's cross-border tax policies, or foreign venture capitalists (VCs) will continue to take their money elsewhere, resulting in the loss of future jobs and tax revenue. The overwhelming majority of foreign VCs are not subject to Canadian tax when they sell an investment, but face a delay of many months to work through the tax clearance process until funds can freely flow to them. Many foreign VCs are structured such that each of the investors in the VC — sometimes hundreds or even thousands — is subject to this clearance process as if they held the investment directly. As well, these investors are obligated to file annual Canadian income tax returns even where they are not liable for Canadian income tax.    

About Deloitte

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