2012 Federal budget: Advice to the Standing Committee on Finance

Find out what Canada's CAs recommended to the Standing Committee on Finance prior to the 2012 federal budget.

The CICA has submitted its views to the federal Standing Committee on Finance on tax and other measures that should be considered by the Department of Finance Canada in preparing the 2012 federal budget. Following the submission, CICA vice-president, Tax, Gabe Hayos, was invited to appear before the Committee on behalf of Canada's CAs. Gabe outlined the following CICA recommendations:

  • Enhance Canada’s incentives for innovation by making the Scientific Research and Experimental Development (SR&ED) tax credit partially refundable for all businesses.
  • Establish a national consultation process to reduce the complexity of Canada’s tax system and lessen the regulatory burden placed on Canadian businesses. The consultation should focus on initiatives such as
    • additional federal-provincial tax harmonization in the areas of corporate and sales taxes
    • a formal loss transfer system for the taxation of corporate groups
    • increasing the capital limit for the small business deduction, or eliminating it entirely
    • easing the personal income tax burden by increasing tax thresholds, examining the appropriate mix of personal income and consumption taxes and reducing tax on savings.

Read the Backgrounders prepared by the CICA Tax Policy Committee for more information on our positions in these and other tax policy areas.

This document was originally prepared by a legacy CPA organization.