This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

CICA Gives Federal Budget A B Plus Rating

TORONTO, March 21, 2013 /CNW/ - The Canadian Institute of Chartered Accountants (CICA)* gives the federal government a B Plus rating for a budget that focuses on balancing the books while providing targeted funding to spark economic activity.

The government is committed to returning to balanced budgets by 2015-16.

"With lingering economic uncertainty, the government's focus remains a multi-year incremental approach to balancing its books that allows for the funding of initiatives aimed at creating jobs and economic growth," explains Gabe Hayos, vice-president, taxation, with the CICA. "However, it is essential that the government stays on course and gets its finances in order if Canada is to achieve a sustainable recovery."

The budget outlines a fiscal framework that features a skills training initiative, infrastructure funding and new investments to support manufacturing and innovation in Canada.

There are no significant personal or corporate tax increases but the government is taking action to preserve its tax base. The budget looks to close tax loopholes, address aggressive tax planning, clarify tax rules, reduce international tax avoidance and tax evasion and improve tax fairness. It also provides the Canada Revenue Agency with new tools to enforce the tax rules.

"We support efforts to maintain the integrity of the tax base, but the CICA will work closely with Finance and the CRA to ensure that casting such a broad net of actions does not result in unintended consequences," says Hayos.

The CICA would have preferred to see more action to reduce the complexity of Canada's tax system, making the country more attractive for investment.

The Institute welcomes greater disclosure requirements for scientific research and experimental development claims without further restricting contingency fee arrangements relating to the tax incentive program. "This is something we recommended," stresses Hayos. "The ability to engage third-party preparers on a contingency fee basis often allows companies to increase innovation spending."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs