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National Finance Report: Fair, Simple and Competitive Taxation: The Way Forward for Canada

The Senate Committee on National Finance released its report Fair, Simple and Competitive Taxation: The way forward for Canada on Wednesday, December 13, 2017. 

The committee’s report is the product of extensive study and cross-Canada consultations with the people who have the most to lose under the proposed changes. Senators — who began work on this report with the endorsement of the federal finance minister — recommend the government delay implementing any proposed changes for at least a year so that private corporations have the time to understand the impact these will have on their business.

I was the first Parliamentarian to call for this study. I am proud to be associated with it. The recommendations contained in the report are clear.

Recommendation 1

That the Minister of Finance withdraw his proposed changes to the Income Tax Act respecting Canadian-controlled private corporations.

Recommendation 2

That the Government of Canada undertake an independent comprehensive review of Canada’s tax system with the goal of reducing complexity, ensuring economic competitiveness, and enhancing overall fairness.

Recommendation 3

That, should the Minister of Finance proceed with his proposals to amend the Income Tax Act respecting Canadian-controlled private corporations, then he should delay their implementation until at least 1 January 2019, and:

  • release, as early as possible, draft legislation and related guidance documents;
  • undertake thorough, cross-Canada consultations with businesses, tax specialists, physicians, farmers, and other Canadians on draft legislation;
  • undertake, and release publicly, an economic impact assessment of the proposals;
  • conduct, and release publicly, a gender analysis of each of the proposals; and
  • assess, in cooperation with provinces and territories, the potential impacts of the proposals on the accessibility of health care, and consider measures to avoid these consequences.

You can download a copy of the report here.

I was the first Parliamentarian to call for this study. I am proud to be associated with it. The recommendations contained in the report are clear.
-- Senator Doug Black