cpa canada annual report 2013-2014: acting in the public .../media/site/the-cpa... · boards, cpa...
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Advocating for the profession and public on parliament Hill CPA Canada established relationships with federal
ministers’ offices, members of Parliament, various
departments and national organizations to press for a
range of policy improvements, for the profession and
public. The organization worked with:
• ForeignAffairs,TradeandDevelopmentCanada
on opportunities for professionals to temporarily
conduct business in the European Union;
• DepartmentofFinancestaffonwaystoimprove
tax policy and the financial literacy of Canadians;
• TheCanadaRevenueAgencyonimprovingtax
administration;
• EmploymentandSocialDevelopmentCanada,
and Citizen and Immigration Canada on foreign
credential issues;
• NaturalResourcesCanadaregardingthe
profession, a changing climate and the emerging
operating environment; and
18 CPA representatives
serve on IFAC and GAA
boards and committees
BRAND AMBASSADOR WORKSHOPS
65%are more proud to work for the new organization
93%could better
articulate the CPA brand
63%of managers, owners,
professionals and entrepreneurs expressed
a very positive impression of CPA
1ST CPA PROFESSION COMPENSATION SURVEY
$141,000
$203,000mean average compensation of CPAs working in oil and gas $163,000
CPA mean average compensation in
industrymean average CPA compensation from all working sectors, age ranges and regions
Volunteers delivered information seminars in more than 100 communities
CPA CANADA’S FINANCIAL EDUCATION PROGRAM
Attracted more than 7,000 member volunteers
2013 EMPLOYEE VOLUNTEER PROGRAM
121 employee volunteers
contributed
562 volunteer
hours
$73,000raised for the
United Way and Centraide
through employee
fundraising events
CPA CANADA EXERTS GLOBAL INFLUENCE CPA Canada has 17 members serving on International Federation of Accountants (IFAC) boards and committees, and one member serving on the Global Accounting Alliance (GAA) board. This broad representation ensures that the Canadian profession has an impact globally.
IFAC represents more than 2.5 million professional accountants worldwide. The federation strengthens the profession, contributes to the development of strong international economies, and establishes and promotes quality professional standards. GAA is made up of 11 of the world’s leading accounting bodies, in significant capital markets, and represents more than 775,000 professional accountants.
• ThePublicPolicyForumtoproduceanational
report on public sector productivity.
Acting in the public interest
Acting in the public interest was a guiding principle
for all CPA Canada’s activities over the last year.
CPA Canada consistently promotes programs and
advocates for public policy that serves consumers,
businesses and organizations.
protecting Canadians through support of domestic standard-setting CPA Canada is a vital contributor to the development
of financial reporting and assurance standards
through its volunteer and financial support of the
Accounting Standards Board (AcSB), the Public
Sector Accounting Board (PSAB) and the
Auditing and Assurance Standards Board (AASB),
as well as their oversight by the Accounting
Standards Oversight Council (AcSOC) and the
Auditing and Assurance Standards Oversight
Council (AASOC).
Management’s Discussion and Analysis
1515
More than 220 professional accounting and business
community volunteers (and two paid chairs) establish
and oversee Canada’s accounting and assurance
standard-setting. Seventy of these industry leaders
make up Canada’s three standards boards (the AcSB,
PSAB and AASB) and two oversight councils (the
AcSOC and AASOC).
The three boards are also supported by a staff of
35 and more than 150 professional accounting and
business community volunteers who serve on various
committees.
These member volunteers bring a wealth of experience
to standard-setting. They are users, preparers, auditors,
regulators, academics, as well as others, drawn from
small and large business, public practice, the public
sector and not-for-profit organizations.
Through its support for the standards and oversight
boards, CPA Canada is helping to ensure the financial
and non-financial information in the private and public
sectors is reliable, comparable, transparent and credible,
which is critical to investor confidence, a sound
financial system and protecting the public interest.
CpA Canada Annual Report 2013-2014
FinAnCiAl literACy ‘Wins’ A teAm eFFort The success of CPA Canada’s financial literacy education and information initiatives stemmed from the combined effort of several employees. Cairine Wilson, MBA, CAE, vice president, member services and national leader of CPA Canada’s financial literacy program, spearheaded the initiative and is its lead champion. Li Zhang, PMP, program manager, runs the remarkably successful Community Connect Program. So far, more than 7,000
member volunteers have been trained, and more than 100 community information seminars have been delivered. Nicholas Cheung, CPA, CA, CIPP/C, director, program and publication development, member services, is CPA Canada’s financial literacy spokesperson. Tobin Lambie, principal, media, raised the profile of the program nationally by earning substantial media coverage. And Elly Meister, director, government relations, ensured CPA Canada hosted Financial Literacy Day on Parliament Hill to share the organization’s accomplishments with federal policy makers and other stakeholders.
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Supporting global standards through the IFRS Foundation and the International Federation of Accountants The IFRS Foundation is a not-for-profit corporation
that oversees and finances the work of the
International Accounting Standards Board, an
independent standard-setting body.
CPA Canada supports the IFRS Foundation’s mission
of developing, in the public interest, a single set of
high-quality, globally accepted accounting standards.
CPACanada’sfinancialcontribution—Canada’sshare
oftheFoundation’sannualbudget—ismadeonbehalf
of its members and other Canadian stakeholders.
CPA Canada also provides significant financial
and human resource support to the International
Federation of Accountants (IFAC). IFAC is a global
organization that supports the setting of assurance,
ethical and education standards, among other
activities.
Contributing to accountability and transparency Support for capital markets is an important mandate
for CPA Canada. In addition to the Corporate
Reporting Awards, CPA Canada helps establish best
practices that support the creation of healthy capital
markets. This past year, the IFAC’s Professional
Accountants in Business Committee approached
CPA Canada to produce the proposed International
Good Practice Guidance, Developing and Reporting
Supplementary Financial Measures. Released in
early 2014 as an international exposure draft, the
document provides principles for preparing and
using supplementary financial measures to improve
understanding of an organization’s performance
among management, investors and other
stakeholders.
CPA Canada also produced for IFAC the Guide to
Review Engagements, designed to help small and
medium practitioners develop a deeper understanding
of the International Standard on Review Engagements
2400 (Revised), Engagements to Review Historical
Financial Statements.
Advancing financial literacy in Canada CPA Canada is a leading advocate for financial
literacy. The first year of Community Connect,
an extensive grassroots effort coordinated by
CPA Canada, attracted more than 7,000 member
volunteers who delivered information seminars in
more than 100 communities. The program is designed
to deliver unbiased financial literacy education and
information to improve the overall state of financial
literacy in Canada.
The Community Connect Program has tailored
sessions for adults, schools, and small and medium
businesses. Additional sessions are planned for new
Canadians and post-secondary students. CPA Canada
also provides information, tools and resources through
financialdecisionsmatter.ca.
The organization also regularly conducts research
to assess Canadians’ knowledge and views about
financial literacy. It recognizes that to advance the
financial literacy of Canadians, efforts must focus
onallagegroups—fromyoungchildrentoadults
approaching and in retirement.
The value of the CPA Canada Financial Literacy
program has been recognized twice by the Institute
for Financial Literacy in the U.S., which honoured
CPA Canada in 2013 with its Excellence in Financial
Literacy Education award, Adult’s Book of the Year,
Credit, for A Canadian’s Guide to Money-Smart
Living. CPA Canada was named Organization of the
Year, Nonprofit, in 2014. It’s the first time a non-U.S.
organization has received the Organization of the
Year award.
CPA Canada also hosted Financial Literacy Day on
Parliament Hill in March, which is Fraud Prevention
Month in Canada. Kevin Sorenson, Minister of State
for Finance, was keynote speaker at the launch of the
CPA Canada guide, Protecting You and Your Money:
A Guide to Avoiding Identity Theft and Fraud. At the
event, attended by members of Parliament and other
dignitaries, CPA Canada encouraged MPs to offer
Community Connect financial education sessions,
led by CPA members, in their ridings.
Management’s Discussion and Analysis
1717
CpA Canada Annual Report 2013-2014
Volunteers inVAluABle to orgAnizAtion’s suCCess
Volunteers play a pivotal role in delivering CPA Canada’s mission and vision. They serve as an extensive network of academics, professionals and subject matter experts. Through their contributions, they provide CPA Canada with a real-world understanding of stakeholder needs, help the organization explore and develop knowledge, and support its due diligence process to ensure timely, relevant and high-quality products and services.
• Nearly200volunteerswithexpertiseinfinancial reporting, audit, governance, sustainability and a variety of other crucial areas, contribute significant time and energy as a key part of the research, guidance and support areas’ due diligence process. They serve on five advisory boards, and 16 additional working groups, committees and task forces. These volunteers help CPA Canada understand member and other stakeholder needs and explore and develop its knowledge base.
• Morethan100memberexpertsvolunteeron CPA Canada’s eight tax committees that cover the interests of big businesses, and small and medium enterprises. These committees address tax administration and policy issues, as well as education and knowledge sharing. They ensure CPA Canada hears from members on critical issues and facilitates dialogue.
• VolunteersarecriticaltothejointCanadianBar Association/CPA Canada committee on taxation, which plays an important role in reviewing and commenting on existing and emerging tax legislation of significance to taxpayers and tax practitioners.
• DevelopmentofCPAeducationprograms relies heavily on volunteers. The Competency Map Committee develops and updates the CPA Competency Map; the advisory committees for CPA education and certification advise on the appropriateness of technical content, skill development, pedagogy and future enhancements; the Board of Evaluators oversees the development, administration and marking process for the CPA Professional Evaluations.
• Volunteersalsoserveasadvisorsandsubject matter experts for the development of new professional development courses, modification of courses and advancement of new strategic directions. As members of conference planning committees, volunteers advise CPA Canada staff on topics, raise the profile of the conferences in the broader business community and act as speakers and panelists.
• Valuableadviceandinputonexistingandpotential member products, publications and services also come from volunteers. The CPA Magazine Editorial Advisory Board, for example, acts as an important sounding board for story ideas.
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1. Strategy, Management Accounting and Finance Advisory Board. Back row (left to right): Todd Scaletta, Laurie Tugman, John Babiak, John Leader, Manfred Schulz, Tim Herrod, Joanne Elek. Front row (left to right): Andrea Johnston, Maureen Sullivan, Jennifer Barber, Teresa Fortney, Carol Raven. 2. Reports on Supplementary Matters Arising from an Audit or Review Engagement task Force. Back row (left to right): Agnes Dykstra, Tina Abedrabbo, Katherine Schamerhorn. Front row (left to right): Nazia Lakhani, Taryn Abate, Heather Rahman, Andrée Lavigne, Jacqui Kuypers. 3. Sustainability Advisory Board. Back row (left to right): Elaine Wong, David Crawford, Peggy Cunningham, Mike Garvey, Cecilia Banh, Todd Scaletta. Front row (left to right): Mary Ann Finn, Alan Willis, Susan Todd.
SOmE OF ThE COmmITTEES POwERED By STAFF AND vOLUNTEERS
1
2
3
4
5
6
4. Small and Medium-sized practices Advisory Group. Back row (left to right): Dale Somerville, Ross McNichol, Bob Gore, Kelly Lohn, Brenda Burgess, Robert Gold. Front row (left to right): Nicholas Cheung, Susan McIsaac. Absent: Wanita McGraw, Chris Reimer, Martin Cloutier. 5. Canadian performance Reporting Board. Back row (left to right): Gord Beal, Dirk Lever, Dan Thornton, Jonathan Allen, Nick Zelenczuk, Tom Peddie. Front row (left to right): Peter Chant, Rick Flynn, Pamela Campagnoni, Joan Dunne, Karyn Brooks, Rebecca Rennison, Martin Lundie. Absent: Chris Hicks. 6. practitioners technical Advisory Board. Back row (left to right): Jonathan Winn, Simon Salole, Phil Cowperthwaite, Andrée Lavigne, Annie Storey, Melanie Leduc. Front row (left to right): Susan McIsaac, Michael Ell, Debbie Gorsline, Taryn Abate, Jocelyn Patenaude, Jane Bowen, Paule Bouchard, Juli-Ann Gorgi.
Management’s Discussion and Analysis
1919
CpA Canada Annual Report 2013-2014
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200
300
400
500
600
700
800
MAY 24, 2011CICA and CMA Canada release position paper on unification,
beginning consultation process with their membership
SEPT 2013CPA Professional Education
Program (CPA PEP) available in Western Canada (to be rolled
out nationally in fall 2014)
OCT 1, 2014Target closing date
for integrating CGA-Canada into
CPA Canada
OCT 8, 2013CGA-Canada members ratify the Integration Agreement between CGA-Canada and
CPA Canada
MAY 25, 2012CICA, CMA Canada, CGA-Canada
release leading stakeholder consultation report
endorsing unification
JAN 17, 2012CICA, CMA Canada and
CGA-Canada release unification framework
JAN 1, 2013CICA and CMA
Canada establish CPA Canada
APR 1, 2013CPA Canada
becomes operational
UNIFICATION TIMELINE
COMMON FINALEXAMINATION
CPADESIGNATIONCOMPLETE CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
CORE1
CORE2
ELECTIVE1
ELECTIVE2
CAPSTONE1
CAPSTONE2
SUBMITTRANSCRIPT
MEET REQUIREMENTS FOR ADMISSION INTO CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
WITHOUT SUBJECTAREA COVERAGE
WITH SUBJECT AREA COVERAGE
CPA PREREQUISITE EDUCATION PROGRAM (CPA PREP)
RECOGNIZED UNIVERSITY COURSES OR PROGRAMS
DEGREE
RELEVANT PRACTICAL WORK EXPERIENCE RELEVANT PRACTICAL WORK EXPERIENCE
EDUCATION
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the
Institute of Financial Literacy Organization of the Year award
in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA PEPlaunchedwith 800studentsin Sept.
2013
Mentoring future aboriginal leadersCPA Canada and the Martin Aboriginal Education
Initiative (MAEI), led by former prime minister
Paul Martin, continue to deliver the MAEI/CPA
Canada Accounting Mentorship Program. Seven
ofthecountry’stopfirms—BDO,Deloitte,EY,
GrantThornton,KPMG,MNPandPwC—support
this community outreach effort by enabling staff
to volunteer as mentors for academically oriented
aboriginal students. The program operates in 15 high
schools in Ontario, Manitoba, Saskatchewan and
British Columbia. Participation is expected to grow
as more high schools in these provinces come on
board, and the program expands across Canada.
More than 50 high school students are paired with
mentors. These relationships often continue for those
students who pursue post-secondary education.
CpA Canada launches professional Education and prerequisite Education programsAs the foundational entry points on the path to
certification, both the CPA Professional Education
Program (CPA PEP) and the CPA Prerequisite
Education Program (CPA PREP) were launched this
year. The CPA PEP was first offered to more than
800 students in the Western region as scheduled
in September 2013. Four electives are at various
stages of completion, with two of them (Tax and
Performance Management) being a priority for
delivery in July 2014 and Assurance and Finance
on schedule for delivery in fall 2014. Launched in
July 2013, the CPA PREP is for people who have an
undergraduate degree, regardless of the discipline,
but lack some or all of the courses required for
admission to the CPA PEP.
New Practical Experience Requirements have also
been developed, and a reporting tool is expected
to be available by June 2014. Guides have been
developed for employers, mentors and staff.
The CPA certification program
the path to Canada’s foremost accounting and business credential The CPA certification program is designed to
meet the needs of industry, government and public
practice by ensuring that graduates have the
knowledge and skills to succeed. The program allows
students to customize their learning by selecting
electives that support their career interests, and
includes a specific path for students who want a
career in public accounting. The program builds
on the best of the legacy education offerings and
100
200
300
400
500
600
700
800
MAY 24, 2011CICA and CMA Canada release position paper on unification,
beginning consultation process with their membership
SEPT 2013CPA Professional Education
Program (CPA PEP) available in Western Canada (to be rolled
out nationally in fall 2014)
OCT 1, 2014Target closing date
for integrating CGA-Canada into
CPA Canada
OCT 8, 2013CGA-Canada members ratify the Integration Agreement between CGA-Canada and
CPA Canada
MAY 25, 2012CICA, CMA Canada, CGA-Canada
release leading stakeholder consultation report
endorsing unification
JAN 17, 2012CICA, CMA Canada and
CGA-Canada release unification framework
JAN 1, 2013CICA and CMA
Canada establish CPA Canada
APR 1, 2013CPA Canada
becomes operational
UNIFICATION TIMELINE
COMMON FINALEXAMINATION
CPADESIGNATIONCOMPLETE CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
CORE1
CORE2
ELECTIVE1
ELECTIVE2
CAPSTONE1
CAPSTONE2
SUBMITTRANSCRIPT
MEET REQUIREMENTS FOR ADMISSION INTO CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
WITHOUT SUBJECTAREA COVERAGE
WITH SUBJECT AREA COVERAGE
CPA PREREQUISITE EDUCATION PROGRAM (CPA PREP)
RECOGNIZED UNIVERSITY COURSES OR PROGRAMS
DEGREE
RELEVANT PRACTICAL WORK EXPERIENCE RELEVANT PRACTICAL WORK EXPERIENCE
EDUCATION
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the
Institute of Financial Literacy Organization of the Year award
in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA PEPlaunchedwith 800studentsin Sept.
2013
20
is a challenging and rigorous certification process
that meets or exceeds all International Federation
of Accountants (IFAC) standards for education,
assessment and practical experience. It also meets
or exceeds the requirements of the leading global
accounting bodies, ensuring the CPA profession
can maintain existing and establish new mutual
recognition agreements (MRAs) or reciprocal
membership agreements (RMAs).
The new program is nationally developed and
delivered by provincial or regional bodies.
A high-quality, cost-effective professional program The CPA certification program consists of:
• academicprerequisitesforadmissiontothe
program, which can be obtained through the
CPA PREP
• agraduate-levelCPAProfessionalEducation
Program
• examinations,includingtheCommonFinal
Examination
• relevantpracticalexperience
100
200
300
400
500
600
700
800
MAY 24, 2011CICA and CMA Canada release position paper on unification,
beginning consultation process with their membership
SEPT 2013CPA Professional Education
Program (CPA PEP) available in Western Canada (to be rolled
out nationally in fall 2014)
OCT 1, 2014Target closing date
for integrating CGA-Canada into
CPA Canada
OCT 8, 2013CGA-Canada members ratify the Integration Agreement between CGA-Canada and
CPA Canada
MAY 25, 2012CICA, CMA Canada, CGA-Canada
release leading stakeholder consultation report
endorsing unification
JAN 17, 2012CICA, CMA Canada and
CGA-Canada release unification framework
JAN 1, 2013CICA and CMA
Canada establish CPA Canada
APR 1, 2013CPA Canada
becomes operational
UNIFICATION TIMELINE
COMMON FINALEXAMINATION
CPADESIGNATIONCOMPLETE CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
CORE1
CORE2
ELECTIVE1
ELECTIVE2
CAPSTONE1
CAPSTONE2
SUBMITTRANSCRIPT
MEET REQUIREMENTS FOR ADMISSION INTO CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
WITHOUT SUBJECTAREA COVERAGE
WITH SUBJECT AREA COVERAGE
CPA PREREQUISITE EDUCATION PROGRAM (CPA PREP)
RECOGNIZED UNIVERSITY COURSES OR PROGRAMS
DEGREE
RELEVANT PRACTICAL WORK EXPERIENCE RELEVANT PRACTICAL WORK EXPERIENCE
EDUCATION
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the
Institute of Financial Literacy Organization of the Year award
in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA PEPlaunchedwith 800studentsin Sept.
2013
Management’s Discussion and Analysis
100
200
300
400
500
600
700
800
MAY 24, 2011CICA and CMA Canada release position paper on unification,
beginning consultation process with their membership
SEPT 2013CPA Professional Education
Program (CPA PEP) available in Western Canada (to be rolled
out nationally in fall 2014)
OCT 1, 2014Target closing date
for integrating CGA-Canada into
CPA Canada
OCT 8, 2013CGA-Canada members ratify the Integration Agreement between CGA-Canada and
CPA Canada
MAY 25, 2012CICA, CMA Canada, CGA-Canada
release leading stakeholder consultation report
endorsing unification
JAN 17, 2012CICA, CMA Canada and
CGA-Canada release unification framework
JAN 1, 2013CICA and CMA
Canada establish CPA Canada
APR 1, 2013CPA Canada
becomes operational
UNIFICATION TIMELINE
COMMON FINALEXAMINATION
CPADESIGNATIONCOMPLETE CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
CORE1
CORE2
ELECTIVE1
ELECTIVE2
CAPSTONE1
CAPSTONE2
SUBMITTRANSCRIPT
MEET REQUIREMENTS FOR ADMISSION INTO CPA PROFESSIONAL EDUCATION PROGRAM (CPA PEP)
WITHOUT SUBJECTAREA COVERAGE
WITH SUBJECT AREA COVERAGE
CPA PREREQUISITE EDUCATION PROGRAM (CPA PREP)
RECOGNIZED UNIVERSITY COURSES OR PROGRAMS
DEGREE
RELEVANT PRACTICAL WORK EXPERIENCE RELEVANT PRACTICAL WORK EXPERIENCE
EDUCATION
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the
Institute of Financial Literacy Organization of the Year award
in the non-profit sector
CPA Canada is the first non-U.S. organization to receive the Institute of Financial Literacy Organization of the Year award in the non-profit sector
CPA PEPlaunchedwith 800studentsin Sept.
2013
2121
CpA Canada Annual Report 2013-2014
tAx mAtters CPA Canada is establishing itself as the authoritative voice on tax issues affecting its members and the public. It is also the country’s leader in the development and provision of tax education. This year, CPA Canada spoke out on a number of critical tax issues in the press, on its new Conversations About Tax blog and directly withthose in the know at the federalgovernment.
Clarifying the confusion around corporate tax evasion CPA Canada called for greater clarity and transparency in the corporate income tax system through its comprehensive thought leadership paper Corporate tax evasion, avoidance and competition: Analyzing the issues and proposing solutions, released in November. The paper emphasized that Canada must maintain its competitive position and that any solutions should reflect a Canadian perspective. Recommendations included: Keeping corporate income tax rates low; tightening the focus of specific anti-avoidance rules; rethinking the corporate income/consumption tax mix; using tax policy to help Canadian businesses compete; and pursuing more international tax information exchange agreements.
Canadian professional accountants play a significant role in advising and assisting companies to comply with their tax obligations at home and abroad. CPA Canada noted that while tax evasion is illegal and harmful to economies and should be prevented, legal tax planning by businesses should be accepted as a means of minimizing expenses. CPA Canada’s recommendations were discussed with senior officials at the Canada Revenue
Agency (CRA) and Finance Department.
Strengthening its role as trusted advisor on taxCPA Canada was extensively involved in discussions and in making formal representations to the CRA regarding the new legislative requirements for taxpayers to provide information on their foreign assets. There was significant concern about the added cost and administrative burden of these new requirements on taxpayers, tax preparers and the investment community.
CPA Canada is also proactively consulting with the CRA as it works out the design of a proposed registration program for tax preparers. The new program would require registration by practitioners who prepare T1 and T2 tax returns for a fee. CPA Canada began seeking input from its
members in early 2014, hosting a roundtable of key stakeholders to identify common concerns and develop possible recommendations, and it plans to make a formal submission.
As leading experts on tax, CPA Canada and CGA-Canada made a joint pre-budget submission to the Commons Finance Committee last August. The submission recommended that the federal government:
• Undertakeacomprehensivereview of Canada’s tax system and reduce its complexities and inefficiencies;
• Exploretheopportunitiesto adopt standard business reporting in order to reduce red tape and taxpayer compliance costs and enhance data collection; and
• Implementapatentboxscheme to give Canadian companies incentive to develop and commercialize their innovations in Canada.
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