TORONTO, Nov. 12, 2013 /CNW/ - The federal government's commitment to
sound fiscal management is paying off, according to the Chartered
Professional Accountants of Canada (CPA Canada).
Today's economic update by Finance Minister Jim Flaherty states that the
federal government remains on track to return to a balanced budget in
2015. In fact, it forecasts a surplus of $3.7 billion for the fiscal
year of 2015-16, even after taking into account a $3.0-billion
adjustment for risk.
"Strengthening its own financial position has been a key element of the
federal government's plan to bolster Canada's competitiveness," said
Kevin Dancey, FCPA, FCA, president and CEO, CPA Canada. "Working from a
solid fiscal base provides the government flexibility as it focuses on
growing the Canadian economy."
That flexibility could include allowing the government to follow through
on providing greater tax relief once the budget is balanced as promised
in the Throne Speech.
When it comes to the country's tax system, CPA Canada is looking for
more than lower taxes to help set the stage for economic
sustainability. It is calling for tax simplification.
"Many aspects of Canada's tax system have become much too complex,"
explained Dancey. "Reducing the complexity is crucial to easing the
regulatory burden placed on Canadian businesses and individuals. The
federal government should undertake a comprehensive review of the
country's tax system to find ways to make it simpler and more
About CPA Canada
CPA Canada is the national organization established to support
unification of the Canadian accounting profession under the Chartered
Professional Accountant (CPA) designation. It was created by the
Canadian Institute of Chartered Accountants (CICA) and The Society of
Management Accountants of Canada (CMA Canada) to provide services to
all CPA, CA, CMA and CGA accounting bodies that have unified or are
committed to unification. As part of the unification effort, CPA Canada
and the Certified General Accountants Association of Canada
(CGA-Canada) are working toward integrating their operations.
Unification will enhance the influence, relevance and contribution of
the Canadian accounting profession both at home and internationally.
SOURCE: CPA Canada
For further information:
or to arrange an interview, contact:
Tobin Lambie, principal, media