CPA Canada issues statements on aspects of the Speech from the Throne in Parliament

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TORONTO, 23 November 2021 / CNW / – In response to today’s Speech from the Throne for the Opening of Parliament, the Chartered Professional Accountants of Canada (CPA Canada) has issued the following two statements on the issues of a sustainable future and strong fiscal discipline.

Chartered Professional Accountants of Canada logo (CNW Group / CPA Canada)

Sustainable future

We are encouraged that the government is reiterating its commitment to tackle climate change while growing the economy through Canada. The transition to a net zero emissions economy by 2050 is a huge undertaking that will affect us all.

CPA Canada conducted a series of roundtables over the past year with different industry sectors and stakeholders to seek feedback on the transition to net zero and one of the common messages from all participants was the need for government and the private sector to act in a coordinated manner. This requires a plan that ensures a common understanding of what “net zero” means in the Canadian context and also maps the transition sector by sector, as recommended by the Expert Panel on Sustainable Finance.

Many recommendations of the Expert Panel on Sustainable Finance have yet to be implemented. With the recent launch of the Government’s Sustainable Finance Action Council, we look forward to rapid progress on these important recommendations for building a low-carbon economy.

Strict fiscal discipline

The pandemic-induced shutdown of the economy has required unprecedented levels of public spending, and planning for the recovery may require additional public investment. However, this significantly changed from Canada fiscal and made the country vulnerable to future economic shocks. Greater prioritization and greater budgetary discipline will be needed in the future. CPA Canada recommends that the government replace a debt-to-GDP ratio target with a “fiscal anchoring framework” – a series of measures aimed at ensuring the sustainability of public finances and giving confidence to the public, businesses and investors that the deficit and debt be addressed.

Supplementary article – Letter to the Prime Minister

Prior to the Speech from the Throne, CPA Canada wrote to the Prime Minister Justin trudeau share its recommendations in areas of public policy that are essential to Canadians and to reconstruction from Canada economy.

Read the full letter.

ABOUT CPA CANADA
Chartered Professional Accountants of Canada (CPA Canada) works in collaboration with provincial, territorial and Bermudan CPA organizations, as it represents the Canadian accounting profession, both nationally and internationally. This collaboration enables the Canadian profession to champion best practices that benefit business and society, as well as prepare its members for an ever-changing operating environment characterized by unprecedented change. Representing more than 220,000 members, CPA Canada is one of the largest national accounting bodies in the world. cpacanada.ca

SOURCE CPA Canada

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