CPA Canada welcomes recommendation for simpler tax system

TORONTO, Oct. 26, 2016 /CNW/ - Chartered Professional Accountants of Canada (CPA Canada) welcomes having a call to reduce complexity included among the recommendations issued today by the House of Commons Standing Committee on Finance in its report titled: The Canada Revenue Agency, Tax Avoidance and Tax Evasion: Recommended Actions.

CPA Canada was pleased to participate in a collaborative dialogue that resulted in the Committee report. The national accounting body and the profession work with the federal government, international organizations and other stakeholders to combat tax evasion and clarify laws on what is acceptable tax planning.

"In particular, we applaud the recommendation calling on the federal government to accelerate its review of the Income Tax Act to reduce complexity and simplify the income tax system," says Joy Thomas, president and CEO, CPA Canada. "CPA Canada has long called for the simplification of the tax code to assist taxpayers with compliance."

The report recommends that the review of the Income Tax Act be completed by June 30, 2017.

CPA Canada also supports the government's recent $444 million investment in the Canada Revenue Agency to crack down on those abusing the tax system.

"Canadians are right to demand a fair and equitable tax system and we strongly support the government's efforts to address the issues that exist," explains Thomas. "Ensuring that the public interest is served by Canada's tax system is a paramount consideration for Canadians and for our profession."

The accountability for CPAs to act in the public interest is set out in provincial regulatory frameworks and in the CPA Code of Professional Conduct, which requires Canada's more than 200,000 professional accountants to maintain professional ethics and behaviour, including compliance with laws. The CPA Code of Professional Conduct meets or exceeds international standards set by the International Ethics Standards Board for Accountants.

About CPA Canada
The new Canadian designation, Chartered Professional Accountant (CPA), is now used by Canada's accounting profession across the country. The profession's national body, Chartered Professional Accountants of Canada (CPA Canada), is one of the largest in the world with more than 200,000 members, both at home and abroad. The Canadian CPA was created with the unification of three legacy accounting designations (CA, CGA and CMA). CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. CPA Canada conducts research into current and emerging business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. CPA Canada also issues guidance and thought leadership on a variety of technical matters, publishes professional literature and develops education and professional certification programs. cpacanada.ca

SOURCE CPA Canada

Tobin Lambie, Principal, Media, CPA Canada, Tel: [phone], Cell: 647-302-3761, Email: [email protected]; Diana Sorace, Manager, Media Relations, CPA Canada, Tel: [phone], Cell: 604-551-4487, Email: [email protected]