Canada’s Certified General Accountants believe Finance Minister Ralph Goodale should heed the advice of the business community and cut corporate and personal taxes to boost Canadian productivity.
The professional accounting body also awaits the results of the current program-based cost cutting exercise to ensure federal funds go to priority items so current and future federal spending will generate the highest value for Canadians.
CGA-Canada urges Mr. Goodale to use a portion of the estimated $8.9 billion surplus to bring in a new round of personal and corporate tax cuts in Wednesday’s budget. “Cutting taxes will assist us in developing a clear competitive edge for all classes of Canadian taxpayers relative to their U.S. counterparts,” said Anthony Ariganello, CGA-Canada’s President and Chief Executive Officer. “We believe this healthy surplus allows sufficient room for prudent tax reductions to benefit all Canadians. On the personal tax side, the government should expand the tax brackets and decrease rates.”
CGA-Canada looks to the upcoming budget for concrete ways to enhance the transparency and accountability of existing programs and new program proposals. “We are looking for more than simply window dressing in this budget,” said Ariganello. “This is the time for the government to truly innovate in managing programs and delivering services.”
CGA-Canada has been an active participant in pre-budget consultations and looks forward to Mr. Goodale acting on its other key recommendations which include:
- Review the Capital Cost Allowance rates and classes
- Enhance the dividend tax credit
- Introduce tax prepaid savings
Ariganello also called on the finance minister to tackle key issues related to Canada’s aging population in this budget and beyond. “We must do everything we can to ensure that all senior Canadians are provided with the opportunity to plan for a secure and comfortable retirement,” he said, noting that CGA-Canada’s two most recent policy papers addressed pension issues and the challenges arising from the aging of our population.
CGA is the second-largest and fastest-growing accounting designation in the country. With a focus on integrity and ethics, and one of the highest education requirements in the profession, CGAs have become the country’s accounting and business leaders, providing strategic counsel, financial leadership, and overall direction to all sectors of the Canadian economy.
The Certified General Accountants Association of Canada represents 62,000 CGAs and students in Canada, Bermuda, the Caribbean, Hong Kong, and China. The association sets standards, develops and maintains education programs, publishes professional materials, advocates on public policy issues, and represents CGAs nationally and internationally
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To view CGA-Canada’s federal budget 2005 commentary, go to 2005 Federal Budget Main Page.