Issue
The Income Tax Act is becoming more complex every year, adversely affecting Canadian individuals, businesses, and Canada’s global competitiveness. A comprehensive review and overhaul of the Income Tax Act, targeting the broadest base possible, with lower rates and fewer preference, would reduce compliance costs and increase transparency while promoting growth, investment, entrepreneurship, and job creation
Background
The Income Tax Act is becoming more complex every year, adversely affecting Canadian individuals, businesses, and Canada’s global competitiveness. The Chartered Professional Accountants of Canada (CPA Canada) points out that:
"At a time when income inequality is rising, labour force growth is slowing and our closest trading partners are shoring up their tax systems, Canada needs to ensure we continue to create jobs, attract investment and remain competitive. But, on these vital measures, our current tax system is falling short, and Canadians and their businesses risk falling ever more behind their global peers."
Our Recommendations
1. Immediately establish a Royal Commission to review the Income Tax Act and Canada’s fiscal framework with the goals of modernization, simplification, and enhancing competitiveness.
Download The Policy BriefTopic
Year
2022
Contact
If you have any questions, contact Dana Severson at dseverson@abchamber.ca or (780) 425-4180 ext. 2.