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TORONTO, December 16, 2011 – A number of recommendations made by the Canadian Institute of Chartered Accountants (CICA) are captured in a report issued by House of Commons Standing Committee on Finance. The CICA recommendations were contained in its pre-budget submission made to the committee earlier this year. “We applaud the committee for listening on matters such as corporate taxes, reducing the complexity of Canada’s tax system and the need for prudent fiscal management by the government,” said Gabe Hayos, vice-president, taxation, CICA. CICA recommendations referenced in the report include: - Implementation of all planned corporate tax rate reductions as scheduled to 2012
- An expert panel be convened by the federal government to review, modernize and simplify Canada’s tax system.
- The federal government continue to consult on potential new rules for taxation of corporate groups
- Continued implementation of the recommendations of the Advisory Panel on Canada’s System of International Taxation
- The federal government review the rules surrounding Registered Retirement Income Funds (RRIFs) and Registered Retirement Savings Plans (RRSPs) to better support retirement savings.
- The federal government continually review spending to eliminate waste and inefficiencies to optimize value for taxpayers’ money
The CICA also was pleased to see recommendations relating to financial literacy, reducing red tape and helping internationally trained professionals succeed in their chosen fields. Canada’s CAs believe these issues are important to the country which is reflected in the CICA’s ongoing discussions with the federal government on these matters. “We hope the federal government pays close attention to the recommendations contained in the committee’s report,” said Hayos. “They provide a concrete foundation from which to build upon in an effort to help Canadian individuals and businesses prosper.” The CICA’s pre-budget submission is available online (www.cica.ca/prebudget2011). Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 80,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada’s CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada’s capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada’s CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA). – 30 – For more information or to arrange an interview, contact: Tobin Lambie, Manager, Media
CICA
(416) 204-3228
tobin.lambie@cica.ca
www.cica.ca
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