Briefly:

(July 30, 2008) The Canadian Investment Awards has announced the creation of a new award that will recognize one investment firm for “showing a concrete commitment to environmental leadership.”

“I believe that investing in our environment is one of the most important and relevant long-term investments we can make,” says Sabine Steinbrecher, founder and president, Canadian Investment Awards Inc. “The CIA is dedicated to investing in our planet and nurturing a healthier environment for future generations. We’re trying to achieve this goal by encouraging and rewarding environmental leadership within the financial services industry.”

A steering committee has been assembled to determine the criteria for the award and to judge entrants in the new category. Included on that committee are representatives from WWF-Canada, the Recycling Council of Canada, Building Owners and Managers Association, Deloitte and Touche, Cybernomics, Ontario Power Generation, the Ontario Power Authority, Jantzi Research and Canadian Business for Social Responsibility.

“Leadership from the investment community is essential if we’re to realize savings in our use of energy and to embrace better environmental behaviours,” says Peter Love, chief energy conservation officer, Ontario Power Authority. “And leadership is evident in this recognition program from the Canadian Investment Awards as it encourages the financial services industry to become more ‘green’ and move us towards a ‘culture of conservation’.”

C.D. Howe report calls for provincial tax reform

(July 30, 2008) Provincial governments are undermining efforts to reform Canada’s tax system, according to a report from the C.D. Howe Institute. The result is an unequal tax burden that penalizes some assets and industries.

The report, authored by Duanjie Chen and Jack Mintz, claims that while the federal government has cut its corporate tax rates, some provinces have failed to follow suit. They point out that Ontario and Manitoba charge the highest marginal effective tax rates in the country, at 34.8% and 33.8%, respectively.

The report calls for all provinces to set their corporate tax rates at 10%, which would result in a cross-country corporate income tax rate of 25% by 2012, when the federal rate is set to drop to 15%.

The report also calls for an end to “targeted preferences for specific industries,” and sales tax harmonization with the federal GST by provinces that have not already done so. Finally, the report suggests that personal income tax rates be lowered.

(07/30/08)

Staff

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