2015 Federal budget brief: Budget earns a B grade

Chartered Professional Accountants of Canada (CPA Canada) offers its views on priorities for the 2015 federal budget in this budget brief.

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For each annual federal budget, CPA Canada offers its views on the federal budget’s priorities in a variety of ways, including providing a pre-budget brief as well as opinion and commentary on budget day, after the budget is released.

2015 federal budget highlights

  • Growing the economy works best from a strong fiscal base and the projected surplus is $1.4 billion for 2015-16. The government will have little wiggle room in managing its finances with the contingency fund being trimmed to $1 billion from $3 billion.
  • The budget calls for the small business tax rate to be reduced to 9 per cent from its current rate of 11 per cent by 2019. The government says this will put an estimated $2.7 billion back into the pockets of small businesses and their owners.
  • To help Canada’s manufacturing sector, the budget introduces a 10-year investment incentive that will allow a faster write-off for machinery and equipment.

Federal pre-budget submission

CPA Canada participated in the annual pre-budget consultations led by the House of Commons Standing Committee on Finance.

We submitted a brief and appeared before the Committee on October 27, 2014, to deliver remarks and recommendations for the 2015 federal budget.

Our 2014 pre-budget submission and presentation focused on three main themes:

  • balancing the federal budget to ensure fiscal sustainability and economic growth
  • increasing the competitiveness of Canadian businesses through research, development, innovation and commercialization
  • improving Canada’s taxation and regulatory regimes