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
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:
For further information:
Telephone: 604 605-5055
Cellular: 604 307-0212
Senior Communications Advisor
Telephone: 604 694-6700