CGA-Canada

CGA-Canada

August 27, 2013 08:00 ET

SMEs Key to Kick Starting the Canadian Economy, Says CGA-Canada Report

VANCOUVER, BRITISH COLUMBIA and OTTAWA, ONTARIO--(Marketwired - Aug. 27, 2013) - The Certified General Accountants Association of Canada (CGA-Canada) released a background paper today demonstrating that small and medium-sized enterprises (SMEs) are the key to kick starting the Canadian economy and diversifying Canada's export markets to build export momentum.

The CGA-Canada report shows that SMEs in particular could be taking greater advantage of the opportunities in faster growing emerging economies. One example of a successful Canadian small business was showcased in a recent study done by the Edinburgh Group(1), in partnership with CGA-Canada. Casey O'Neill, president and co-founder of Cypress Solutions, noted that success did not come overnight. It took years to develop a strong reputation built on the right products and services.

As the CGA-Canada report points out, while having the right goods to export is important, there is a clear role for policymakers to play in helping SMEs succeed globally. The federal government's ambitious trade agenda could potentially boost businesses' prospects, but challenges that SMEs face in export diversification should be addressed through domestic policy changes and enhanced resources. It will mean improving SMEs' access to financing and skilled labour, increasing the country's regulatory efficiencies, and ensuring Canada has a competitive logistics infrastructure.

CGA-Canada is undertaking a research and consultation project to identify the challenges and opportunities presented to the SME sector by Canada's international trade agenda. In the coming months, CGA-Canada will consult with export-oriented SMEs and other stakeholders to learn from their experiences. The project will culminate in a report with policy recommendations directed at the federal government intended to ensure that Canada's SMEs are well positioned to succeed in new international markets.

"We look forward to hearing from stakeholders on their experiences to address gaps and formulate appropriate responses," says Carole Presseault, vice-president of Government and Regulatory Affairs at CGA-Canada.

For more information on the study and this project, visit: www.cga.org/canada/sme

ABOUT CGA-CANADA

Founded in 1908, the Certified General Accountants Association of Canada serves 75,000 Certified General Accountants and students in Canada and nearly 100 countries. Respected accounting and financial management professionals, CGAs work in industry, finance, government and public practice. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally.

Visit us online at www.cga.org/canada

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(1) CGA-Canada is a member of the Edinburgh Group, a coalition of 14 accountancy bodies from across the world representing over 900,000 professional accountants.

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