Ahead of Budget 2018, the House of Commons finance committee conducted consultations to hear suggestions to improve productivity and competitiveness.
Suggestions are summarized in a report, which lists 92 recommendations. Here are highlights:
- Enhance existing financial literacy programs. Particular attention should be paid to the needs of specific demographic groups.
- Allow credit unions to use the verb “bank” or “banking.”
- Consider the creation of an investor tax credit as a way to build capital investment and increase the productivity of Canada’s small and medium-sized businesses.
- Advance the infrastructure bank to leverage the private sector for investments in transportation, telecommunications and energy networks, which are essential to Canada’s prosperity and global competitiveness.
- Review the Social Security Tribunal and consider restoring the following: Employment Insurance Boards of Referees, the EI Umpire, the Canada Pension Plan (CPP) and Old Age Security (OAS) Review Tribunals, and the Pensions Appeals Board in an effort to restructure the system.
- Facilitate decision-making in the mineral sector by renewing the mineral exploration tax credit for a three-year period.
- Limit the underground economy through the creation of a home energy retrofit renovation tax credit.
In a newsletter, IIAC shared its enthusiasm for an investor tax credit, which was part of the association’s suggestions to the committee. IIAC’s other recommendations, noted in the report, included leveraging the private sector to make more investments in infrastructure, improving tax-assisted retirement savings programs and charting a credible path toward budget balance.