OTTAWA, Feb. 26 /CNW/ - The Investment Industry Association of Canada
(IIAC) commends the federal Minister of Finance on his responsible budget in
difficult and uncertain times that preserves fiscal integrity and builds on
the government's pro-growth productivity agenda.
The IIAC commented on the Federal Government budget released today in
Ottawa. "Individual Canadians benefit from the announced Tax-Free Savings
Account (TFSA), that provides another tool to help Canadians save," said Ian
Russell, President and CEO, IIAC. "TFSAs not only supplement RRSPs, but
provide a source of tax-assisted savings for other purposes."
Today's budget complements the steep reductions in federal corporate
rates from 21 to 15% over four years, announced in the October 2007 Economic
Statement - the backbone of the government's productivity agenda. Mr. Russell
added, "Provincial governments now have a responsibility to match the federal
business tax reductions, and harmonize with the GST, to achieve competitive
tax rates for Canadian business. Timely provincial action is critical to help
businesses, right across the country, hard-hit by economic circumstances."
While the Association is pleased the federal government has expanded and
enhanced the flexibility of Scientific Research & Experimental Development
(SR&ED) credits, the measure will benefit only small private companies. "We
are disappointed that the Budget has not provided sufficient incentives for
small and mid-sized public and private companies to raise risk capital to
improve competitiveness and seize expanding opportunities in domestic and
global markets," concluded Mr. Russell.
The Investment Industry Association of Canada (IIAC), formerly the
industry association arm of the Investment Dealers Association of Canada
(IDA), advances the position of the Canadian investment industry on regulatory
and public policy issues. As the professional association for the industry,
the Investment Industry Association has a mandate to promote efficient, fair
and competitive capital markets for Canada while helping its member firms
across the country succeed in the industry.
For further information:
For further information: Katie O'Dell, Public Affairs Consultant, Tel.
(416) 687-5478, firstname.lastname@example.org