CGA-Canada

CGA-Canada

November 05, 2013 12:30 ET

CGA-Canada Urges Finance Committee to Consult with Public on Tax Reform

Internal trade barriers another drag on the economy

OTTAWA, ONTARIO--(Marketwired - Nov. 5, 2013) - The Certified General Accountants Association of Canada (CGA-Canada) is calling on the Commons finance committee to consult with the public and recommend ways to advance tax reform. Carole Presseault, vice president of government and regulatory affairs at CGA-Canada, addressed this issue before the committee today.

The Commons finance committee has twice recommended to the federal government that an expert panel or royal commission should be established to review the Income Tax Act to reduce complexities and inefficiencies. But, "vested interests in the tax system and political realities have worked against tax reform," noted Presseault.

"We need to start the process," she urged. "And what better place to start building consensus for tax reform than here, in Parliament, with this committee."

Presseault also noted that a vast majority of Canadians want tax reform, according to a 2012 Nanos Research survey. A simpler tax system would bring lower compliance costs and ultimately put more money into the pockets of Canadians, according to CGA-Canada.

Speaking to the issue of internal trade, Presseault said Canadian companies should have the same access to local markets as their European competitors.

"While we are pleased that Canada has signed a trade agreement in principle with the European Union, here at home, unfinished business remains," said Presseault.

"Persistent internal trade barriers and the ongoing perception of a fragmented economic union continue to hurt consumers, discourage investment and damage Canada's reputation as a place to do business," she added.

CGA-Canada is also urging the government to adopt Standardized Business Reporting to reduce red tape, taxpayer compliance costs and enhance data collection. In addition, the federal government should implement a "patent box" to encourage Canadian companies to develop and commercialize their innovations in Canada.

The appearance before the Commons finance committee comes at a time when the accounting landscape is undergoing change. All of the country's accounting bodies have either merged under the Chartered Professional Accountant (CPA) banner or are in unification discussions. CPA Canada and CGA-Canada issued a co-branded pre-budget submission to the finance committee earlier this year. CPA Canada and CGA-Canada issued a co-branded pre-budget submission to the finance committee earlier this year.

For more information, read the full presentation and pre-budget submission.

ABOUT CGA-CANADA

Founded in 1908, the Certified General Accountants Association of Canada serves Certified General Accountants and students in Canada and nearly 100 countries. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally. CGA-Canada is currently working with the Chartered Professional Accountants of Canada (CPA Canada) to integrate operations under the CPA banner. Unification will enhance the influence, relevance and contribution of the Canadian accounting profession both at home and internationally.

Visit us online at www.cga.org/canada

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Contact Information

  • Diana Sorace
    Communications Advisor
    CGA-Canada
    Telephone: 604-694-6700
    Cellular: 604-551-4487
    dsorace@cga-canada.org