Economic optimism rises among business leaders

While protectionist trade winds blow south of the border, economic optimism for the Canadian economy inches upward, reveals the CPA Canada Business Monitor (Q1 2017).

Read: Is Canadian business confidence on shaky ground?

Well over a third of business leaders surveyed (38%) are optimistic about the country’s 12-month economic prospects, up from 32% the previous quarter. When it comes to their own companies, 58% express optimism about the 12-month performance outlook, up from 54% last quarter.

Read: Small business accounts for 42% of new jobs

The survey reveals that U.S. protectionist trade sentiments are considered the biggest challenge facing Canada’s economy (cited by 23% of respondents) followed by oil prices (17%).

Read: Watch for winners and losers from Trump’s tax changes

Of note, the survey also finds a strong appetite for changes to Canada’s tax system. More than seven in 10 respondents (72%) agree that a comprehensive review is needed.

The full survey can be downloaded from the CPA website.

About the survey: The CPA Canada Business Monitor is issued quarterly, based on a survey commissioned by CPA Canada and conducted by Harris Poll. For the Q1 2017 study, emailed surveys were completed by 485 of 5,392 accountants identified by CPA Canada as holding senior positions in industry. The response rate was 12.4%, with a margin of error associated with this type of study at ±4.2%, with a confidence level of 95%. The survey was conducted from March 30, 2017, to April 18, 2017.

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