Financial Executives International Canada (FEI Canada)

Financial Executives International Canada (FEI Canada)

March 24, 2011 15:33 ET

Finance Executives Say Budget Measures Beneficial to Productivity

TORONTO, ONTARIO--(Marketwire - March 24, 2011) - Financial Executives International Canada (FEI Canada) supports the federal budget proposals to reduce the deficit, enhance productivity, simplify the tax system and improve retirement planning options – all measures needed to boost the country's competitiveness.

"FEI Canada is pleased with the budget's proposed initiatives to eliminate the deficit by 2015-16 without raising taxes or reversing previously announced corporate tax decreases, measures which will foster economic growth for the benefit of all Canadians. The government is encouraged to conclude its comprehensive review of project spending, a task currently being undertaken by most Canadian businesses, in an effort to balance Canada's books as previously suggested by FEI Canada," said Michael Conway, Chief Executive and National President of FEI Canada.

Mr. Conway added: "FEI Canada supports the budget initiatives to enhance Canadian productivity, which is an area in which Canada lags other G7 countries. FEI Canada was pleased with the announced extension of the accelerated write-off of equipment for the manufacturing and processing sector as well as the investment in digital technology and education which were initiatives requested by FEI Canada in its pre-budget submission. "These and further measures will help to ensure the private sector becomes the primary economic growth engine as Canadian government stimulus efforts appropriately wind down."

In its pre-budget submission news release, FEI Canada noted that the complexity of "regulatory and compliance issues are major concerns that are hurting Canadian business competitiveness".

FEI Canada was encouraged with the budget plan to modify the tariff system along the same principles advocated by FEI Canada for the simplification of the tax system. FEI Canada now calls for these efforts to be directed towards the income tax system, commencing with the completion of the Taxation of Corporate Groups study initiated last fall. "FEI Canada continues to strongly support the simplification of income tax reporting," Mr. Conway said.

"The first baby boomers born in 1946 will turn 65 in 2011," Mr. Conway said. FEI Canada believes that offering flexible retirement planning opportunities that includes the ability for retired individuals to remain in the work force in some regard is vital to the Canadian labour supply. FEI Canada acknowledges the budget measures in this area, but suggests that retirement planning will require continuous review in the upcoming years.

About Financial Executives International Canada (FEI Canada)

FEI Canada is the all industry professional membership association for senior financial executives. With eleven chapters across Canada and more than 2,000 members, FEI Canada provides professional development, thought leadership, and advocacy services to its members. The association membership, which consists of Chief Financial Officers, Audit Committee Directors, and senior executives in the Finance, Controller, Treasury, and Taxation functions, represents a significant number of Canada's leading and most influential corporations. For further information, please visit www.feicanada.org.

Contact Information

  • Financial Executives International Canada (FEI Canada)
    Christian Bellavance
    Vice President, Research and Communications
    416-366-3007 x 5114
    cbellavance@feicanada.org