Business leaders say tax system needs comprehensive review

By The IJ Staff | January 17 2018 11:30AM

Photo: Freepik

Seventy-one per cent of professional accountants in business leadership positions agree that the country’s tax system requires a comprehensive review, according to the CPA Canada Business Monitor (Q4 2017) survey, which was released by the Chartered Professional Accountants of Canada this week.

CPA Canada has repeatedly called for an independent review of the tax system with the aim of “reducing complexity, ensuring economic competitiveness and enhancing overall fairness.”

Inclusive economic growth

"Canada's tax system is an essential tool to improve our competitive position, to attract and retain the best and brightest minds, and to support inclusive economic growth," said Joy Thomas, president and CEO, CPA Canada. "An extensive review will help identify where changes can be made to ensure all Canadians are paying into and benefiting from the tax system in an equitable way."

Balance the budget

In addition, seventy-six per cent of survey respondents said the federal government should set a target date for a return to balanced budgets.

"Canada needs a plan for fiscal stability – a plan that demonstrates leadership and includes a return to budget balance over the medium term," adds Thomas. "Establishing a target date would guide the government's fiscal and economic planning, instill greater confidence among consumers and investors, create opportunities for growth and enhance Canada's competitiveness."

To learn more, the full report can be viewed on CPA Canada’s website