Canada's CAs praise effort to keep Canadian businesses competitive

    TORONTO, June 26 /CNW/ - The Chartered Accountants of Canada welcome a
report issued today by a federally appointed panel established to review key
elements of Canada's competition and investment policies.
    Canada's CAs commend the Competition Policy Review Panel for its
consultative work aimed at keeping Canadian businesses productive, competitive
and attractive to investors in a global environment.
    "The CA profession supports the enhancement of Canada's competitiveness
and believes that consultation is essential if improvements are to be made,"
said Kevin Dancey, FCA, President and CEO, Canadian Institute of Chartered
Accountants. "We look forward to reviewing the panel's report in detail."
    The CA profession has provided the Government of Canada with input on
many policy issues - including taxation and debt reduction - aimed at helping
to ensure the competitiveness of Canadian businesses, the health of the
Canadian economy and prosperity for Canadians. In addition, Dancey serves as
Vice-Chair of the federal Advisory Panel on Canada's System of International
    "Inbound and outbound investment is good for Canada," said Dancey.
"Canada's prosperity depends on the efficiency and effectiveness of capital
    For Canadian companies to remain economically strong they must be able to
take advantage of investment opportunities. This requires the proper economic
and regulatory environment.
    "Internationally competitive levels of corporate tax help Canadian
companies compete globally," said Dancey. "It is very encouraging to have the
panel calling on the federal, provincial and territorial governments to
continue efforts to reduce corporate taxes. Many countries around the world
are aggressively reducing corporate taxes. Canada cannot be left behind."
    The panel's report also identifies the need for Canada to attract and
develop talent. Canada's CA profession has reached mutual recognition
agreements with other leading accounting bodies around the world. Most
recently, Canada's CAs announced the extension of a Professional Mutual
Recognition Agreement with their U.S. and Mexican counterparts. It was
originally signed in 2002 and ratified by the NAFTA Free Trade Commission.
Such agreements help eliminate borders and promote the mobility of highly
skilled and qualified professionals.
    "There is always opportunity to develop new methods, new technologies or
new concepts," said Dancey. "The CICA, acting on behalf of the accounting
profession, welcomes the opportunity to contribute its perspective to any
future discussions focusing on keeping Canada competitive in a global

    The Canadian Institute of Chartered Accountants (CICA), together with the
provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants,
represents a membership of approximately 74,000 CAs and 10,000 students in
Canada and Bermuda. The CICA conducts research into current business issues
and supports the setting of accounting, auditing and assurance standards for
business, not-for-profit organizations and government. It issues guidance on
control and governance, publishes professional literature, develops continuing
education programs and represents the CA profession nationally and
internationally. CICA is a founding member of the International Federation of
Accountants (IFAC) and the Global Accounting Alliance (GAA).

For further information:

For further information: or to arrange an interview, contact: Peter
McLean, Manager, Communications and External Relations, CICA, (416) 204-3268,

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Canadian Institute of Chartered Accountants

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