Raising Capital Gains: CPA Canada Calls for a Constructive Dialogue for a Fairer Tax System


A graph that shows growth.

“Our organization acknowledges the concerns of our members about the impact that increasing the capital gains inclusion rate will have on taxpayers, regardless of their tax bracket, and on businesses, small and large.” (Photo: courtesy)

Text by John Oakey, Vice President of Taxation, CPA Canada

READERS’ MAIL. The announcement of an increase in the taxation of capital gains has not stopped making the newspapers. It will have tangible impacts on many middle-class taxpayers – especially as Quebec has followed in Ottawa’s footsteps.

But two weeks ago, Prime Minister Justin Trudeau muddled the issue by alluding to wealthy Canadians who “use accountants” to pay less tax.

Chartered Professional Accountants of Canada (CPA Canada), the national accounting organization, advocates on behalf of all Canadians for the important role that accountants play in the country’s financial environment. At the heart of this mission is a commitment: to maintain a fair and just tax system.

Ethics and integrity are cornerstones of the Canadian accounting profession. In an ever-changing tax environment, accountants act as trusted advisors who can guide taxpayers through the maze of policies and changes.

CPA Canada and its more than 41,000 members in Quebec have been calling for a complete overhaul of the tax system for years, advocating for a robust and fair framework based on simplicity, fairness, efficiency and competitiveness.

These policies guide the organization’s ongoing work with the federal government. This year again, we have strongly recommended that the government, instead of relying on political leadership and convenience, should follow a principled approach to tax policy and administration – an approach that has substance and embodies a vision.

CPAs have the accounting and management skills needed to navigate this environment. They understand the complexities of our tax maze and focus not only on ensuring compliance with applicable regulations, but also on providing thought leadership in promoting a stable and transparent financial framework.

Open-minded and forward-thinking professionals perform in-depth analysis, demonstrate rigorous judgment and communicate effectively in various sectors of the economy, whether in business or accounting firms, in public administration or academia, or even in other sectors. for-profit organizations.

Our organization acknowledges the concerns of our members about the impact that increasing the capital gains inclusion rate will have on taxpayers, regardless of their tax bracket, and on businesses, large and small. Through the advice they provide, accountants help reduce inequalities and enable everyone to understand their reporting obligations.

We stand ready to work with government to refine and improve our tax system to best serve the interests of our diverse population. The goal of the profession is – and always has been – to promote policies that promote the economic well-being of all Canadians without exception.

Subscribe to our thematic newsletter:

Personal Finance — Every Friday

Get inspired by the advice of our financial planning experts and all the news that can affect the management of your wealth.





Source link

Leave a Comment