Canadian Politics Thread

[Elias Pettersson]

Trudeau literally can't even add 8+6, but he's chirping for people not to use accountants.  This guy is a narcissist...

 

CPA Canada takes PM to task over remarks on accountants

 

CPA Canada takes PM to task over remarks on accountants

When Trudeau spoke of the risk of ‘using accountants’ to reduce tax burden, CPA Canada set the record straight

 

In the wake of the criticism over the Budget 2024 propose to increase the capital gains inclusion rate, Prime Minister Justin Trudeau accused wealthy Canadians of “using accountants” to reduce their tax payments. In a recent letter to the Prime Minister’s Office (PMO) CPA Canada’s Vice-President of Tax John Oakey set out to clear the air on this hot topic. 

 

“The Canadian accounting profession is built on the pillars of ethics and integrity,” the letter states. “We at CPA Canada — the national professional body representing some 220,000 CPAs — champion the important role accountants play in shaping our nation’s financial landscape.” 

 

This includes both CPA Canada’s recent federal advice on capital gains and its long-standing push for a comprehensive review of Canada’s tax system to simplify the increasingly convoluted and difficult to comprehend rules. Our system is confusing even for seasoned tax professionals and as Oakey has written before, repairing tax law on the fly is never a good idea. When tax policy changes are seemingly beta-tested on the entire population, the result is rules upon rules upon rules, sometimes contradictory, sometimes not, but always adding layers of complexity.  

 

“CPA Canada has long called for a comprehensive review of Canada’s tax system, urging for a robust framework that embodies simplicity, fairness, efficiency and competitiveness,” the letter to the PMO states. “[Our] principles guide our ongoing advocacy work with the federal government, including our pre-budget submission, which recommended that the government adhere to a principled approach to tax policy and administration that is driven by purpose and vision.” 

 

“The goal of the letter to the PM is to usher in a change in attitude at the highest office in this country,” says Oakey. “When the prime minister uses our profession’s name in the way he did recently it pushed us to lay out the facts of what CPAs do and what we stand for.” 

 

“Without the expertise of accountants to point out contradictions and to ensure newly minted regulations integrate well with older ones, the efforts by policymakers to strengthen tax policy and to halt avoidance may have precisely the opposite effect,” the letter states. “Complexity makes compliance difficult. CPAs understand the complexities involved in tax legislation and are dedicated to compliance and leadership in fostering a stable and transparent financial environment.” 

 

“CPA Canada is ready to work with the government to refine our tax system,” says Oakey. “To address challenges and serve the best interests of Canadians. I hope the prime minister sees this going forward.”

[Bob Long]

16 minutes ago, Elias Pettersson said:

Trudeau literally can't even add 8+6, but he's chirping for people not to use accountants.  This guy is a narcissist...

 

CPA Canada takes PM to task over remarks on accountants

 

CPA Canada takes PM to task over remarks on accountants

When Trudeau spoke of the risk of ‘using accountants’ to reduce tax burden, CPA Canada set the record straight

 

In the wake of the criticism over the Budget 2024 propose to increase the capital gains inclusion rate, Prime Minister Justin Trudeau accused wealthy Canadians of “using accountants” to reduce their tax payments. In a recent letter to the Prime Minister’s Office (PMO) CPA Canada’s Vice-President of Tax John Oakey set out to clear the air on this hot topic. 

 

“The Canadian accounting profession is built on the pillars of ethics and integrity,” the letter states. “We at CPA Canada — the national professional body representing some 220,000 CPAs — champion the important role accountants play in shaping our nation’s financial landscape.” 

 

This includes both CPA Canada’s recent federal advice on capital gains and its long-standing push for a comprehensive review of Canada’s tax system to simplify the increasingly convoluted and difficult to comprehend rules. Our system is confusing even for seasoned tax professionals and as Oakey has written before, repairing tax law on the fly is never a good idea. When tax policy changes are seemingly beta-tested on the entire population, the result is rules upon rules upon rules, sometimes contradictory, sometimes not, but always adding layers of complexity.  

 

“CPA Canada has long called for a comprehensive review of Canada’s tax system, urging for a robust framework that embodies simplicity, fairness, efficiency and competitiveness,” the letter to the PMO states. “[Our] principles guide our ongoing advocacy work with the federal government, including our pre-budget submission, which recommended that the government adhere to a principled approach to tax policy and administration that is driven by purpose and vision.” 

 

“The goal of the letter to the PM is to usher in a change in attitude at the highest office in this country,” says Oakey. “When the prime minister uses our profession’s name in the way he did recently it pushed us to lay out the facts of what CPAs do and what we stand for.” 

 

“Without the expertise of accountants to point out contradictions and to ensure newly minted regulations integrate well with older ones, the efforts by policymakers to strengthen tax policy and to halt avoidance may have precisely the opposite effect,” the letter states. “Complexity makes compliance difficult. CPAs understand the complexities involved in tax legislation and are dedicated to compliance and leadership in fostering a stable and transparent financial environment.” 

 

“CPA Canada is ready to work with the government to refine our tax system,” says Oakey. “To address challenges and serve the best interests of Canadians. I hope the prime minister sees this going forward.”

 

He's not wrong, there are people who can make life difficult for CRA to ensure that you are paying your full share.

 

I'm all for simplicity in the tax system and going with a flat-ish system with a reduced number of tiers and allowable deductions.

 

[Gator]

2 hours ago, Warhippy said:

 

You are so right. Great to see what our tax money is going to. A person spending almost 600,000 a month as an elected official. Totally relatable to the average person. I am so glad our tax dollars are going to this. And not that singh guy.

 

We are so blessed to have an individual like Pierre about to run our country because he absolutely knows what the average person is going through and can totally relate having to live on a measly half a million dollars a month

Might not be best option, but Singh has no chance, and I'd rather Putin come run our country than see Trudeau (obviously kidding.. Kind of) in there another few years.... So by default Polievre would be getting my vote

[Bob Long]

45 minutes ago, Gator said:

Might not be best option, but Singh has no chance, and I'd rather Putin come run our country than see Trudeau (obviously kidding.. Kind of) in there another few years.... So by default Polievre would be getting my vote

 

What your biggest concern with Justin?

[Alflives]

6 minutes ago, Bob Long said:

 

What your biggest concern with Justin?

He drops his guard after throwing a left hook. 
Alf still wants to see. Hair Boy vs PooPoo boxing fight.

Would PooPoo accept? 

[Gator]

13 minutes ago, Bob Long said:

 

What your biggest concern with Justin?

Our country

[Bob Long]

11 minutes ago, Gator said:

Our country

 

uh, ok. Anything specific?

[RupertKBD]

....yet somehow, we managed to survive the past decade....

 

.....a decade which saw both a global pandemic and a war in Europe that significantly affected fuel prices, which (along with the pandemic) was a major cause of inflation.

[the destroyer of worlds]

31 minutes ago, RupertKBD said:

....yet somehow, we managed to survive the past decade....

 

.....a decade which saw both a global pandemic and a war in Europe that significantly affected fuel prices, which (along with the pandemic) was a major cause of inflation.

But but the country is destroyed.  So some BS crap like that.