Briefly:

(April 14, 2008) Financial Executives International Canada told the Canadian government on Monday that new tax mechanisms are needed to improve the country’s economic value creators and domestic business climate.

Talking to the House of Commons Standing Committee on Finance, FEI Canada president Michael Conway said it’s imperative that “Canada’s tax system supports and enhances the competitiveness of the Canadian economy and ensures its long term prosperity.”

He called on the government to reduce corporate tax rates sooner than later and provide Canadian companies incentives to enhance employee skills.

“The government must also maintain its debt reduction schedule and show spending restraint by focusing its investments on infrastructure, in sectors such as transportation, post secondary education, and research and development, which together will drive growth and improve productivity,” Conway said.

FEI Canada also wants the government to introduce a refundable tax credit for qualified education and training and to create a Centre for Continuing Workplace Education and Training. “Our productivity is dependent on a highly educated and trained workforce,” Conway explained. “The government must recognize and publicly support corporations that demonstrate leadership in the development of employee skills.”

Start training employees on IFRS: CGA-Canada

(April 14, 2008) The Certified General Accountants Association of Canada wants businesses to start training their accountants on International Financial Reporting Standards.

Companies must transition to IFRS by January 1, 2011, but CGA-Canada wants to get the process started now.

“In this complex global business environment, it is critical that those involved in the development of financial information have a thorough understanding of what IFRS mean for their organizations,” says Anthony Ariganello, president and CEO of CGA-Canada.

The switch is important for everyone from CEOs to audit committee members.

“Business leaders need to plan for the transition to IFRS now,” added Ariganello. “And training staff is a crucial element of that process.”

The accounting organization, in conjunction with the Association of Chartered Certified Accounts, is hosting sessions across the country about IFRS starting at the end of May. CGA-Canada promises that participants will gain a better understanding of IFRS, enhance their knowledge on how to interpret the standards, and gain insight on how to apply the international standards in their work environments.

(04/14/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.