FEI Canada Encouraged by Focused and Measured 2008 Budget

    TORONTO, Feb. 26 /CNW/ - Financial Executives International Canada
(FEI Canada), the professional membership association for senior financial
executives, commends the Minister of Finance on delivering a fiscally
responsible budget, and pleased that the government has directed its spending
on key constituencies including seniors, students and aboriginal Canadians.
    "Today's budget is consistent with Canada's current economic situation,"
stated Michael Conway, Chief Executive and National President, FEI Canada.
"The incremental support for the manufacturing sector, additional savings
measures and the introduction of significant employment insurance measures are
all positive economic steps.
    "We are pleased that the government is allowing manufacturers and
processors an extra year of tax relief on investments in machinery and
equipment," he said.
    FEI Canada has long advocated in favour of extending this measure for a
period of five years while calling for regular review of this mechanism noting
that, while the current short timeframe may be appropriate for stimulating new
investment in relatively small projects, it is inadequate for major long-term
    Notwithstanding the government's fiscal prudence, the Association views
the introduction of the Tax Free Savings Account (TFSA) as an initial step
toward providing Canadians an additional opportunity to save.
    In commenting on the TFSA, Mr. Conway noted, "This initiative, while a
step in the right direction, the program may be too modest to be cost
effective and have a meaningful impact for Canadians."
    FEI Canada applauds the establishment of a new Crown Corporation
dedicated to improving Canada's employment insurance program. "This new
strategy will provide more accountability and transparency over the program
which ultimately instills confidence in the program among Canadians," said
Mr. Conway.

    About FEI Canada

    FEI Canada is the professional membership association for senior
financial executives. With more than 2000 members in 11 chapters across Canada
holding the title of Chief Financial Officers, Controllers, Treasurers, Tax
Executives, Finance and Accounting Professors, the association membership
represents a significant number of Canada's leading and most influential
corporations. Further information can be found at www.feicanada.org.

For further information:

For further information: Media Contact: Caroline Spivak, Fleishman
Hillard Canada, (416) 645-8185, caroline.spivak@fleishman.ca

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