Canada needs a 21st century tax system, CGA-Canada tells Commons finance committee
VANCOUVER and OTTAWA, Oct. 15, 2012 /CNW/ - The Certified General Accountants Association of Canada (CGA-Canada) is urging the federal government to modernize and simplify Canada's tax system and bring it into the 21st century.
"Canada needs a simple, fair and efficient tax system - a modern tax system to help build a strong, competitive 21st century economy," says Anthony Ariganello, president & CEO of CGA-Canada.
Canada's tax system is unnecessarily complex, notes the association in its submission to the Commons finance committee. There is a growing consensus that the complexity of Canada's tax system must be addressed if Canada is to continue to attract business and investment, create employment opportunities and economic growth. Many of Canada's challenges can be addressed through tax reform, it adds.
CGA-Canada again called on the federal government to establish an expert panel to review and modernize Canada's tax system - a recommendation which was fully endorsed by the finance committee in last year's pre-budget consultation report to Parliament.
The national association also pointed out that the federal government should take immediate action towards simplifying Canada's tax system by:
- Introducing a technical tax amendments bill to tackle the ever-growing backlog of unlegislated tax proposals
- Implementing a sunset provision to ensure tax amendments are legislated within a designated amount of time, which would bring greater clarity and certainty to tax legislation
Denis St-Pierre, chair of CGA-Canada's Tax and Fiscal Policy Advisory Group, delivered these recommendations today to the finance committee on behalf of CGA-Canada.
"Taken together, these simple but critical steps would represent an important starting point towards improving and strengthening Canada's tax system," adds Ariganello.
Read the full pre-budget submission here.
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.
SOURCE: CGA-CanadaFor further information: