Canada's chartered accountants call for reductions in spending, federal debt, and taxes

    TORONTO, March 15 /CNW/ - Implementing measures that reduce government
spending, lower taxes, and increase federal debt payments would benefit
Canadians today and ensure Canada has a strong and sustainable economy for
future generations, Canada's Chartered Accountants said today.
    "Balancing taxation levels and debt reduction is the foundation needed to
ensure future prosperity for all Canadians," said Kevin Dancey, FCA, President
and CEO of the Canadian Institute of Chartered Accountants (CICA). "With the
federal surplus expected to reach upwards of $9 billion this year, the federal
government has the opportunity to reduce taxes and accelerate debt reduction
without increasing program spending - in effect creating a win/win/win
    CICA has long called on the federal government to accelerate its debt
reduction payments from $3 billion to $5 billion annually. This will enable
the government to maintain lower individual and corporate tax rates over the
longer term without increasing program spending in other areas.
    More recently, the CICA has promoted the need for changes to the tax
system, including the lowering of corporate tax rates to enhance the overall
efficiency and international competitiveness of Canada's businesses and
capital markets.
    "Low tax rates spread across a broad taxpayer base will stimulate
economic growth and competitiveness," said Dancey. "Strong businesses generate
jobs and profit, both of which are good for the Canadian economy and for
    Further findings and recommendations can be found in the CICA's 2006
Pre-Budget Submission, included with this media kit, and located on the CICA
Web site at

    The Canadian Institute of Chartered Accountants (CICA), together with the
CA institutes/ordre, represents approximately 71,000 CAs and 9,500 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

For further information:

For further information: or to arrange an interview, contact Angela
Kooij, Manager, Media Relations, at (416) 204-3450, or by e-mail at or John Struthers at (613) 761-3106

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