Page 23 - SpectrumOctober2018

Canadian Chamber of Commerce

Canada is critically overdue for a reduce compliance costs for business of all sizes.”
comprehensive review of its tax system, The project being launched in August will be led by Dr. Trevin

says Canadian Chamber of Commerce Stratton, the Chamber’s Chief Economist, and will include a
The last time Canada undertook a comprehensive review of series of roundtables that will bring together business lead-
ers and other stakeholders to discuss the challenges Canada’s
its tax system, humankind still hadn’t set foot on the moon. current tax system creates for businesses, innovators, and job
In the fi ve decades since, a cut-and-paste approach has made creators.
Canada’s tax system more cumbersome and ineffi cient.
As the voice of more than 200,000 “Canada’s declining tax competitiveness impacts all aspects
businesses, the Canadian Cham- of Canadian business, from cross-border supply chains, our
ber of Commerce is launching a ability to attract investment, to hiring and talent retention, as
project that will build the case for well as mergers and acquisitions,” said Dr. Stratton. “While we
a comprehensive review of Cana- are focused on making the case for a comprehensive review
da’s tax system. of the tax system, we also recognize there are measures that
government can implement right now to improve our compet-
“Our complex and burdensome itive positioning.”
tax system is driving away invest-
ment and eroding Canada’s com- “For example,” Dr. Stratton added, “allowing businesses to ful-
petitiveness,” said The Hon. Perrin ly expense the cost of new machinery and equipment in the
Beatty, President and CEO of the Canadian Chamber of Com- tax year the investment is made or simplifying the delivery of
merce. “Canadian companies face serious competitive pres- benefi t programs. Through this process we will also be advo-
sures from other jurisdictions that are aggressively acting to cating for changes like these that can help businesses now.”
help their businesses grow and compete globally. To ensure
Canadian businesses are not completely out of the game, our The Chamber’s efforts will be supported by Canadian taxation
government needs to launch a comprehensive review of our experts, some of whom who will form the project’s Tax Advi-
taxation system to make it simpler and more modern, and to sory Panel. The panel will include:

22 www.cambridgechamber.com
Fall 2018