Increase in capital gains: CPA Canada invites constructive dialogue for a fairer tax system

“Our organization notes the concerns of its members about the repercussions that the increase in the capital gains inclusion rate will have on taxpayers, regardless of their tax bracket, and on businesses, small and large.” (Photo: courtesy)

A text from John Oakey, vice-president of taxation for CPA Canada

READERS’ MAIL. The announcement of the increase in capital gains taxation has not stopped making headlines. It will have palpable effects on many middle-class taxpayers – especially since Quebec has followed in Ottawa’s footsteps.

But last week, Prime Minister Justin Trudeau came to confuse the issue by alluding to wealthy Canadians who “use accountants” to pay less taxes.

Chartered Professional Accountants of Canada (CPA Canada), the national accounting organization advocates on behalf of all Canadians for the important role accountants play in the country’s financial landscape. At the heart of this mission is a commitment: to maintain a fair and equitable tax system.

Ethics and integrity are the cornerstones of the Canadian accounting profession. In an ever-changing tax environment, accountants act as trusted advisors who can guide taxpayers through the maze of policies and changes.

CPA Canada and its members, who number more than 41,000 in Quebec, have been calling for years for a complete overhaul of the tax system, advocating for a robust and fair framework whose fundamental principles would be simplicity, fairness, efficiency and competitiveness.

These principles guide the organization’s ongoing advocacy work with the federal government. Once again this year, we strongly recommended that, rather than relying on political guidance and convenience, the government follow a principles-based approach to tax policy and administration—an approach that has its reason for being and embodies a vision.

CPAs have the accounting and management skills required to navigate this environment. They understand the complexities of our tax maze and are focused not only on ensuring compliance with applicable regulations, but also on providing thought leadership in promoting a stable and transparent financial framework.

Open-minded and forward-looking professionals, they undertake in-depth analyses, demonstrate rigorous judgment and communicate effectively in various sectors of the economy, whether in business or in accounting firms. , in the public service or academia, or even within non-profit organizations.

Our organization notes the concerns of its members about the repercussions that the increase in the capital gains inclusion rate will have on taxpayers, regardless of their tax bracket, and on businesses, small and large. Through the advice they provide, accountants help reduce inequalities, empowering everyone to understand their reporting obligations.

We stand ready to work with government to refine and improve our tax system, ensuring it best serves the interests of our diverse population. The goal of the profession is – and always has been – to advance policies that support the economic well-being of all Canadians, without exception.

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