OTTAWA, March 19 /CNW/ - Canadian families and small business are the
real winners in today's federal budget tabled by Finance Minister Jim
"CGA-Canada welcomes new measures which will provide Canadian families
with more means to earn, save and invest for the future," said Anthony
Ariganello, CPA (Delaware), FCGA, President and Chief Executive Officer of
CGA-Canada. "All this is being accomplished within a fiscal framework that is
acceptable to Certified General Accountants."
Families with annual incomes below $75,000 will benefit from tax relief.
New measures include a new child tax credit, an increase to the spousal amount
and incentives for low-income Canadians to enter the workforce. Families will
also get help in saving for children's education with the proposed increase to
the registered education savings plans lifetime contribution limit and federal
contribution. Families with children living with severe disabilities will be
able to save for their children's future through a new registered saving plan.
"Small business has not been neglected," added Ariganello. CGA-Canada
sought commitments from the federal government to reduce the regulatory
burden, streamline tax compliance and reduce red tape. Taken together the
following budget measures should improve the small business climate:
- increasing the capital cost allowance rate in manufacturing and
- reducing the federal paper burden by 20 per cent by 2008
- reducing the frequency of tax remittance and filing requirements
"Small business has carried a disproportionate share of the regulatory
burden," noted Ariganello. "These measures will help. But the work must
continue. We look forward to seeing the recommendations of Canada Revenue
Agency's Small Business Action Task Force implemented. This will benefit our
members and their clients," added Ariganello. "Incorporated small business
owners, farmers and fishers will also welcome the increase in the lifetime
capital gains exemption."
"These are good investments for Canadians and are within the federal
government's means," said Ariganello. Repaying debt at a rate of $9.2 billion
shows good sense. Keeping program spending in check is what CGAs expect
governments to do. The government Expenditure Management System should also
ensure taxpayers get value for dollars, the association noted. "We urge
Cabinet to not only look at new spending but bring forward processes that will
challenge existing program spending to ensure objectives are met and align
CGA-Canada is cautiously optimistic that this minority government budget
will be implemented as support from Parliament is still required.
To view CGA-Canada's federal budget 2007 commentary, go to
CGA is the fastest-growing accounting designation in Canada. The CGA
designation focuses on integrity, ethics and the highest education
requirements. Recognized as the country's accounting business leaders, CGAs
provide strategic counsel, financial leadership, and overall direction to all
sectors of the Canadian economy.
The Association sets standards, develops education programs, publishes
professional materials, advocates on public policy issues, and represents CGAs
nationally and internationally. The Certified General Accountants Association
of Canada represents 68,000 CGAs and students in Canada, Bermuda, the
Caribbean, Hong Kong, and China.
For further information:
For further information: Barbara Cameron, Vice-President, Public
Affairs, CGA-Canada, Telephone: (604) 605-5147, Cell: (604) 761-5409, Email: