'Engine' of Canadian economy needs better servicing, CGA-Canada tells federal
finance committee

OTTAWA, Oct. 26 /CNW/ - The federal government must do more to improve the tax and regulatory environments for small and medium-size enterprises (SMEs), says the Certified General Accountants Association of Canada (CGA-Canada) in its pre-budget submission to the House of Commons Standing Committee on Finance.

SMEs are the engine of the economy, so their needs should be at the top of the public policy agenda, says Anthony Ariganello, President and CEO of CGA-Canada.

"If we want our country's entrepreneurs to be stronger performers - more competitive and innovative - then let's give them the best possible conditions."

CGA-Canada urges the federal government to improve Canada's tax system by making it simpler, fairer and more efficient. It recommends:

• Appointing an independent panel of experts to undertake a comprehensive review of Canada's tax regime
• Implementing a "sunset provision" for unlegislated tax proposals
• Introducing a Canadian taxpayer fairness code to strengthen transparency and accountability in tax matters

Similar to Canada's tax regime, the regulatory system has evolved into a vast, complicated and fragmented structure of rules. CGA-Canada recommends:

• Taking immediate and aggressive action to reduce the overall regulatory burden on SMEs
• Continuing efforts to revitalize the Agreement on Internal Trade through eliminating barriers to interprovincial trade and labour mobility, and putting in place an effective dispute-resolution mechanism

The government should apply an SME lens to assess the costs, benefits and impacts of any change to the taxation and regulatory system, the association says. Earlier this year, CGA-Canada and CPA Australia convened the Forum on SME Issues which examined the financial and regulatory challenges facing the SME sector in Canada and Australia in the aftermath of the global financial crisis.

CGA-Canada's pre-budget submission is available online at: www.cga.org/canada/budget

ABOUT CGA-CANADA
Founded in 1908, the Certified General Accountants Association of Canada serves 75,000 Certified General Accountants and students in Canada and more than 90 countries. Respected accounting and financial management professionals, CGAs work in industry, finance, government and public practice. CGA-Canada establishes the designation's certification requirements and professional standards, offers professional development, conducts research and advocacy, and represents CGAs nationally and internationally.

For more information on CGA-Canada visit:
www.cga.org/canada
www.facebook.com/cgacanada
www.twitter.com/cgacanada

For further information:

Taylore Ashlie      
Director, Communications     
CGA-Canada  
Telephone: [phone]     
Cellular:  604-307-0212      
Email: [email protected]

Diana Sorace      
Senior Communications Advisor     
CGA-Canada      
Telephone:[phone]      
Email: [email protected]