Financial Services
Companies across Canada, both large and small, have a wide variety of specific concerns with tax policy and administrative issues. Responsibility is split inside the Government of Canada. Finance Canada is charged with developing the policy and legislation. The Canada Revenue Agency administers and enforces the rules and regulations. This sometimes leaves the corporate taxpayer caught in the middle, between two departments that each point to the other. Add to this, a number of other, important players: the Superintendent of Financial Institutions, the Standing Committee, the Parliamentary Secretary to the Minister, and numerous consultative structures and organizations. And that is just at the federal level. Superimposed on top is a strong, current dynamic as the provinces and federal government attempt to resolve the “fiscal imbalance”.
With a new government in place, 2006 will provide important opportunities for businesses to engage in the political and budgetary process. In addition, with elections on the horizon in Ontario, Alberta and BC, businesses operating in those provinces will also have an opportunity to pursue new tax and fiscal policy issues with these decision makers.
Some current issues in the financial services and tax policy sectors include:
- New tax policy initiatives; GST reductions, CCA rates, income trusts
- Bank mergers, sale of insurance products; cross-pillar
- National securities regulation; ongoing corporate governance reform
- Fiscal and tax measures to improve productivity, research and innovation
- Inter-provincial “fiscal-imbalance” issues; Equalization Panel
Global’s Financial Services team has planned and executed campaigns that have resulted in an improved regulatory environment, significant tax savings and reduced compliance costs for our clients.
TEAM PROFILES
Click to read profile and related sections.
Torrance Wylie