TORONTO, Nov. 12, 2013 /CNW/ - The federal government's commitment to sound fiscal management is paying off, according to the Chartered Professional Accountants of Canada (CPA Canada).
Today's economic update by Finance Minister Jim Flaherty states that the federal government remains on track to return to a balanced budget in 2015. In fact, it forecasts a surplus of $3.7 billion for the fiscal year of 2015-16, even after taking into account a $3.0-billion adjustment for risk.
"Strengthening its own financial position has been a key element of the federal government's plan to bolster Canada's competitiveness," said Kevin Dancey, FCPA, FCA, president and CEO, CPA Canada. "Working from a solid fiscal base provides the government flexibility as it focuses on growing the Canadian economy."
That flexibility could include allowing the government to follow through on providing greater tax relief once the budget is balanced as promised in the Throne Speech.
When it comes to the country's tax system, CPA Canada is looking for more than lower taxes to help set the stage for economic sustainability. It is calling for tax simplification.
"Many aspects of Canada's tax system have become much too complex," explained Dancey. "Reducing the complexity is crucial to easing the regulatory burden placed on Canadian businesses and individuals. The federal government should undertake a comprehensive review of the country's tax system to find ways to make it simpler and more efficient."
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
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