OTTAWA, March 21, 2013 /CNW/ - The Society of Management Accountants of Canada (CMA Canada1) welcomes several new measures in the 2013 federal budget that respond to its pre-budget recommendations to improve Canada's commercialization capacity, enhance economic productivity, and increase Canada's national creative capacity.
These Budget 2013 measures include:
- New funding for high-potential incubator and accelerator organizations;
- New funding to help firms commercialize their scientific knowledge into viable, innovative products and services;
- Extending the Accelerated Capital Cost Allowance on investment in machinery and equipment for the manufacturing and processing sector;
- New funding to promote education in high-demand fields, including the skilled trades, science, technology, engineering and mathematics (STEM); and,
- Improving financial literacy for seniors.
"CMA Canada welcomes the targeted investments made by the Government of Canada into areas that help Canadian companies commercialize and be more creative," said Joy Thomas, MBA, FCMA, C.Dir., President and CEO of CMA Canada. "Several recommendations made by CMA Canada in its pre-budget submission were adopted, including new measures to help Canadian firms commercialize and new funding for technology incubators and accelerators."
As detailed in its pre-budget submission, CMA Canada will continue to engage with the Government to make permanent the Accelerated Capital Cost Allowance on investment in machinery and equipment, particularly information and communications technology (ICT) equipment.
CMA Canada will also work to introduce a training tax credit aimed at maximizing the benefits of information and communications technology investments. More ICT in the hands of better skilled employees is a winning combination. CMA Canada will continue to advocate for extending the refundability provision of the Scientific Research & Experimental Development (SR&ED) tax credit to claimants of all sizes, thereby recognizing the innovation advantage of larger companies that perform most of the R&D in Canada.
"While CMA Canada welcomes the government's determination to ease the skilled labour shortage with the Canada Job Grant and other initiatives, we will continue to recommend the implementation of additional direct measures that allow Canadians to better participate in the knowledge economy," said Ms. Thomas. "These would include basic skills and literacy programs and a training tax credit aimed at improving access to, and the use of, information and communications technology."
CMA Canada's pre-budget submission is available online at: http://bit.ly/cma-canada2013.
1 CMA Canada and the CICA joined together January 1, 2013, to create CPA Canada as the national organization to support unification of the Canadian accounting profession under the CPA banner.
About CMA Canada
With 50,000 members around the world, CMA Canada grants a professional designation in strategic management accounting® and is responsible for standards-setting, accreditation, and the continuing professional development of Certified Management Accountants (CMAs). CMAs provide an integrating perspective to business decision-making, applying a unique blend of expertise in accounting, management and strategy to identify new market opportunities, ensure corporate accountability, and help organizations maintain a long-term competitive advantage. To optimize the performance of global enterprises and build strategic management accounting skills, CMA Canada offers innovative executive development programs, advanced online courses, and internationally recognized knowledge management publications.
About CPA Canada
CPA Canada is the national organization representing the Chartered Professional Accountant (CPA) profession in Canada. The Canadian Institute of Chartered Accountants (CICA) and The Society of Management Accountants of Canada (CMA Canada) created the organization on January 1, 2013, to support unification of the Canadian accounting profession under the CPA banner. CPAs will serve the public interest across all sectors of the economy with integrity, sound ethical practices, disciplined regulation and proven strategic management and financial expertise. Accounting bodies representing over 80 per cent of Canada's professional accountants are committed to unification or have already merged under the CPA banner.
SOURCE: Certified Management Accountants of Canada
For further information:
or to arrange an interview with Richard Monk, CMA Canada Advisor, National Affairs, please contact:
Manager, Communications and Public Affairs
Tel: (905) 949-3116
Toll-free: 1-800-262-7622, ext. 3116
Bluesky Strategy Group
(for CMA Canada)
Tel: (613) 241-3512 ext. 227
Cell: (613) 255-1478