TORONTO, Nov. 5, 2013 /CNW/ - A simpler tax system, making it easier for
companies to file government required information and an incentive for
greater innovation are recommendations by the Chartered Professional
Accountants of Canada (CPA Canada) to help the country achieve economic
CPA Canada's appearance today in Ottawa before the House of Commons
Standing Committee on Finance came as the country's accounting
landscape is undergoing change. All of the country's accounting bodies
have either merged under the Chartered Professional Accountant (CPA)
banner or are in unification discussions. CPA Canada and the Certified General Accountants Association of Canada
(CGA-Canada) had earlier provided a co-branded pre-budget submission to
the finance committee.
The three key recommendations from the earlier written submission were
highlighted: Tax Simplification, Standard Business Reporting and a
"If acted upon, the recommendations would encourage economic growth,
promote job creation and help improve Canada's productivity record,"
said Gabe Hayos, FCPA, FCA, vice-president, taxation, CPA Canada.
The federal government is being urged to undertake a comprehensive
review of Canada's tax system to reduce complexities and
"Tax simplification would increase productivity, improve Canada's
competitiveness, and eliminate barriers to jobs, growth and long-term
prosperity," explained Hayos. "Spending less time on tax compliance
allows companies to focus more on their operations which can help
create jobs and grow the Canadian economy."
Still on the topic of devoting more time to productive endeavours, the
federal government is being encouraged to consider adoption of
Standardized Business Reporting, more specifically, eXtensible Business
Reporting Language or XBRL. It is a data tagging mechanism that could
be used with government filings to reduce both business compliance
costs and heighten the efficiency and accuracy of information
The finance committee has included tax simplification and the use of
XBRL among its recommendations forwarded to the federal government in
Another suggestion raised by CPA Canada calls for the federal government
to implement a "patent box" to incent Canadian companies to develop and
commercialize their innovations in Canada.
"Canadian businesses would benefit by paying a lower rate of tax on
profits earned from commercializing innovations," said Hayos.
The CPA Canada presentation also reiterated the organization's
commitment to financial literacy and to foreign credential assessment
initiatives to help internationally trained accounting professionals.
The pre-budget submission is available online at www.cpacanada.ca/2013Pre-Budget.
Note: The CPA Canada presentation to the House of Commons Standing Committee
on Finance was made by Richard Monk, FCMA, an advisor to CPA Canada and
past chair of CMA Canada.
About CPA Canada
CPA Canada is the national organization established to support
unification of the Canadian accounting profession under the Chartered
Professional Accountant (CPA) designation. It was created by the
Canadian Institute of Chartered Accountants (CICA) and The Society of
Management Accountants of Canada (CMA Canada) to provide services to
all CPA, CA, CMA and CGA accounting bodies that have unified or are
committed to unification. As part of the unification effort, CPA Canada
and the Certified General Accountants Association of Canada
(CGA-Canada) are working toward integrating their operations.
Unification will enhance the influence, relevance and contribution of
the Canadian accounting profession both at home and internationally.
SOURCE: CPA Canada
For further information:
or to arrange an interview, contact:
Tobin Lambie, principal, media