On October 22, 2010, Deloitte submitted our tax policy recommendations to the Minister of Finance in anticipation of Budget 2011. Deloitte is committed to helping shape tax policies that position Canada to be globally competitive. This commitment is made real through direct communication with key government committees, policy makers, our clients and the public at large.
Our policy recommendations for the 2011 federal budget and beyond are:
- Take steps to make the personal tax system more globally competitive
- Develop a focused immigration vision to attract and retain educated, entrepreneurial and innovative individuals
- Enhance research and development (R&D) incentives within the existing framework
- Foster angel and venture capital investment in innovation
- Consider the goods and services tax (GST) as a potential source of future government revenue, and review the application of the GST in the context of the financial services sector
- Encourage Canadians to better save for retirement
- Enhance certainty in tax law
- Take a consultative approach when contemplating significant changes to complex tax legislation
We believe that Canada requires an innovation-friendly economy and that the tax regime is a powerful instrument for bringing this about. Innovation requires entrepreneurs, competitive R&D incentives, a willingness to invest in emerging companies and other measures to support development of the world-class businesses that will drive Canada’s economic growth.
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