CPA Canada looking for clarity on deficit in 2017 budget

Optimism about the national economy is up among professional accountants, says a new survey conducted for CPA Canada.

The survey finds respondents are more optimistic than they have been since the second quarter of 2015, with nearly one third (32%) positive on the prospects for the Canadian economy over the next 12 months, up from 21% the previous quarter.

Those with a pessimistic outlook fell to 21%, down from 29% in the third quarter of 2016. Forty-six per cent of respondents were neutral in Q4. The top two challenges cited were oil prices and protectionist trade sentiments in the U.S.

When it comes to the upcoming federal budget, CPA Canada says annual deficits are currently forecast to run longer than initially anticipated and 83% of survey respondents are either very or somewhat concerned about the level of debt the government is taking on.

Read: Are decades of deficits on tap for Canada?

For that reason, CPA Canada will seek greater clarity in the budget around the managing of the country’s finances.

Methodology: The CPA Canada Business Monitor is based on a survey commissioned by CPA Canada and conducted by Harris Poll. For the Q4 2016 study, emailed surveys were completed by 514 of 5,228 identified by CPA Canada as holding senior industry positions. The survey was conducted from November 25 to December 18, 2016.

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