Make tax simplification a priority in the 41st parliament, says CGA-Canada

VANCOUVER, May 26, 2011 /CNW/ - Looking ahead to the Throne Speech on June 3, the Government of Canada has an excellent opportunity to prioritize the modernization of Canada's tax system, says the Certified General Accountants Association of Canada (CGA-Canada).

"Now that Canada has a stable, majority government, with an election unlikely for four years, we encourage the government to deal with pressing long-term issues like taxation," says Anthony Ariganello, President and CEO of CGA-Canada. "We'd like to see the government restart the important work of the Red Tape Reduction Commission and, in addition, make tax modernization a number one policy priority - particularly fitting for the Year of the Entrepreneur."

Studies show the vast majority of revenue is derived from a handful of taxes. CGA-Canada says tax simplification and transparency would result in a more efficient system, delivering predictable revenue effectively and fairly with higher compliance rates and lower administrative costs. Tax filers would benefit from less paperwork, administration, time and cost.

Ariganello explains why the right time for a comprehensive review of the taxation system is now. "In Canada, hundreds of proposed amendments to the Income Tax Act are not yet enacted, bringing more uncertainty and unpredictability to the process. We risk becoming a less attractive place to do business; falling behind countries like the US, UK and Australia, which, in contrast, are already streamlining their taxation systems."

"Tax rates may have gone down but the cost of complying with the complex Income Tax Act continues to rise. Canadian individuals and businesses currently battle with unnecessarily complicated filing requirements," says Ariganello. "The burden of red tape and the labour-intensive filing process continues to cripple the small business sector in particular. It's time to address this issue."

About CGA Canada:
Founded in 1908, the Certified General Accountants Association of Canada serves 75,000 Certified General Accountants and students in Canada and more than 90 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.

For more information on CGA-Canada visit:
www.cga.org/canada
www.facebook.com/cgacanada
www.twitter.com/cgacanada

SOURCE CGA-Canada

For further information:

Taylore Ashlie
Director, Communications
CGA-Canada
Telephone: 604 605-5055
Cellular: 604 307-0212
tashlie@cga-canada.org

Stephanie Thatcher
Senior Communications Advisor
CGA-Canada
Telephone: 604 694-6700
sthatcher@cga-canada.org

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CGA-Canada

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