Federal budget has a familiar ring: Canadian Institute of Chartered Accountants

TORONTO, June 6 /CNW/ - It is a déjà vu budget from the federal government but one that keeps Canada heading in the right direction, according to the Canadian Institute of Chartered Accountants (CICA).

"Essentially, we have the same budget that was tabled in March but never passed," said Kevin Dancey, president and CEO, CICA. "We were generally satisfied then and remain so today. There are no real surprises and, just like its predecessor, the budget charts a course aimed at helping Canada remain competitive in attracting investment while demonstrating prudent fiscal management."

The CICA applauds the government's intention to balance the books by 2014-15, a year earlier than previously announced.

"It is gratifying to see a determination to confront the deficit," said Dancey. "The earlier the government can balance its books, the better. Program spending must be closely controlled to ensure the revised timetable to balance the budget is met. A planned comprehensive review of departmental spending should prove useful in this regard."

A number of positive business related measures and targeted benefits for individual Canadians remain from the March budget. Going forward, the CICA would prefer to see broadly based reductions over targeted tax benefits which only create complexity and inefficiencies in the tax system.

The CICA believes tax complexity is an issue that must be addressed if Canada is going to establish a fiscal framework that sets the stage for sustainable recovery and economic growth. Canada's tax system must become more competitive, simpler and efficient according to Dancey.

"With its new mandate, this is an opportune time for the government to step back and take a longer-term view of the efficiency of our tax system," he noted.

The CICA also welcomes a continued focus on matters such as financial literacy, red tape reduction and foreign credential recognition.

Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 78,000 CAs sustain their influence and leadership position both in Canada and globally. As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy. The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally. The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

SOURCE Canadian Institute of Chartered Accountants

For further information: or to arrange an interview, contact: Tobin Lambie, Manager, Media, CICA, (416) 204-3228, tobin.lambie@cica.ca, www.cica.ca

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Canadian Institute of Chartered Accountants

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