IIAC: ENERGIZING ENTREPENEURSHIP AND INVESTMENT IN CANADA
TORONTO, Sept. 17, 2024 /CNW/ - The Investment Industry Association of Canada (IIAC) is the national association comprising investment firms that provide products and services to Canadian retail and institutional investors.
The IIAC advocates for smart public policies and regulatory reforms that strengthen Canada's capital markets and enable all Canadians and Canadian businesses to flourish.
The IIAC made the following recommendations to the Department of Finance Canada on the federal government's key budget priorities.
- Revoke the budget 2024 tax hike on capital gains.
- Reconsider the Canadian Entrepreneurs' Incentive (CEI), which appears to have been introduced to reduce the harm to innovation and entrepreneurship brought on by capital gains inclusion rate changes, but is mired in exceptions and complexity.
- Implement a market-based incentive, similar to the UK Enterprise Investment Scheme (EIS), to encourage investment in early-stage, unlisted businesses with high growth potential.
- Make improvements to tax-assisted retirement savings programs.
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- Raise the age at which contributions to tax-deferred retirement saving vehicles must end and which RRIF withdrawals must start.
- Reduce the RRIF annual withdrawal rates mandated for each age, with the goal of abolishing mandatory withdrawals entirely.
- Gradually increasing RRSP contribution limits so Canadians that contribute to defined-contribution plans and RRSPs have the same opportunities to accumulate savings for retirement as their counterparts with defined-benefit plans and public-sector plans.
- Undertake an independent and comprehensive examination of the federal tax system. Years of tinkering with the system have added complexity and significantly increased the compliance burden for individuals and businesses.
- Reduce Canada's heavy reliance on economically damaging income and profit taxes.
- Include exceptions to the trust reporting requirements for bare trusts for investment dealers who hold securities for clients in nominee-name.
- Revoke the two-percent tax on share buybacks by public corporations in Canada.
Read the IIAC's full submission online.
For media inquiries, please contact IIAC Public Affairs.
About the Investment Industry Association of Canada (IIAC)
Asset. Ally. Advocate.
The Investment Industry Association of Canada (IIAC) is the national association comprising of investment firms that provide products and services to Canadians.
The IIAC comprises investment firms of every type including investment and mutual fund dealers, exempt market dealers, portfolio managers and investment fund managers.
Our Members:
- Manufacture and distribute a range of investment products, including mutual funds, exchange-traded funds (ETFs), and prospectus exempt products,
- Trade in debt and equity on all marketplaces,
- Provide custodial and clearing services, and
- Underwrite issuers in public and private markets.
Our Services:
- Advocacy: A strong voice for issues that matter.
- Forums: A place for industry to come together to address issues of significance.
- Education: A center for accredited educational courses – webcasts, seminars, and other events.
- Resources: A source for industry data and practice resources.
SOURCE Investment Industry Association of Canada (IIAC)
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