Canada’s tax system: What’s so wrong and why it matters
Canada’s tax system is mired in the past and falling short of delivering a competitive environment and a fair society. It needs an overhaul so that Canada’s businesses and people can prosper and compete internationally.
Canada needs to create jobs, attract investment and remain competitive on a domestic and global level. At a time when income inequality is rising, labour force growth is slowing and our closest trading partners are shoring up their tax systems, the state of our tax system is hurting businesses and individual Canadians alike.
CPA Canada believes it’s time to consider all aspects of our tax system and answer four key questions:
- Does Canada’s tax system align with international trends and promote global competitiveness?
- Does Canada’s tax system help businesses grow and innovate?
- Do Canada’s tax expenditures achieve their goals at the right cost?
- Does Canada’s personal tax system promote compliance and deliver social benefits efficiently and effectively?
In this report we look at the evidence and it is clear that our tax system is in disrepair and is adversely affecting our prospects, productivity and prosperity. It’s time to tackle tax issues across the board with a tax system review in the best interests of all Canadians.