Panel calls for more competitive tax regime to support promising businesses

A new report from a government-struck panel of industry experts is urging the federal Liberals to create an “Own the Podium”-style program for promising businesses on the rise and to end support to corporate underperformers.

The report from a series of economic strategy tables says the program, along with a more competitive tax regime, will allow high-performing companies to scale up their operations and allow low-performing firms to die “to free up tax dollars.”

The report estimates the right set of policies, including tax conditions that match recent corporate tax rate cuts in the United States, could add $318 billion to the economy by 2030. But the experts warn the government must learn to operate at the speed of business and cut the multiple layers of red tape.

The experts call for streamlined government programs at all levels for “better coherence” and for a more-uniform education system focused on skills development—a tall task given the variations between provinces and school boards.

The summary of input from various companies shows widespread “hesitation to invest in technology” resulting from uncertainty about how or if the technology can improve their bottom line.

Economic Development Minister Navdeep Bains says federal efforts must focus on making regulatory regimes more agile for a shifting landscape—but he warns efforts to make Canadian companies and workers more competitive globally will take years to come to fruition.

Own the Podium is a federally funded program that supports elite Canadian athletes and is best known for preparing Team Canada ahead of the 2010 Vancouver Olympic Games.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.