Canada’s Certified General Accountants urge the federal government to improve Canada’s productivity by reducing businesses taxes and reforming regulatory structures.

Today, representatives of the Certified General Accountants Association of Canada (CGA-Canada) will deliver remarks to the House of Commons Standing Committee on Finance as part of the pre-budget consultation process.

In its submission, CGA-Canada recommends several measures that would enhance Canada’s business climate including reducing businesses taxes and introducing a more efficient regulatory framework.

“Canada’s productivity is dependent on a competitive tax system,” said CGA-Canada President and CEO Anthony Ariganello. “The government needs to accelerate the introduction of those corporate taxes reductions previously announced; reduce even further the corporate income tax rate; reduce the small business rate from 12% to 11%; and ensure that capital cost allowance rates in Canada are appropriately aligned with the true life of the relevant asset,” added Ariganello.

CGA-Canada also calls for regulatory reform to ensure Canada’s future economic growth. “Canadian businesses are burdened by the cost, complexity and sheer volume of regulations that hamper productivity,” said Ariganello. “The government should streamline the regulatory regime in an effort to reduce the compliance burden on businesses,” added Ariganello.

CGAs advocate that all new programs and policies be subjected to a regulatory burden assessment. The result of this assessment would be shared with individual Canadians and businesses in the form of a regulatory impact statement.

CGA-Canada also recommends simplifying the tax structure as well as introducing a consistent tax compliance system which would increase efficiency in the application of tax regulations. “High regulatory standards, along with their consistent and efficient enforcement would go a considerable way toward improving the current business environment,” concluded Ariganello.