Focus on today and tomorrow to help Canada’s economic recovery: CPA Canada

TORONTO, Sept. 23, 2020 – Recognizing unprecedented economic damage resulting from COVID-19, Chartered Professional Accountants of Canada (CPA Canada) applauds the staged approach to recovery signaled by the federal government in today’s Throne Speech. 

The federal government’s initial focus will be the immediate short-term prior to turning its attention to a broader focus on economic renewal. 

“It is essential that the urgent needs of all Canadians and the business community be addressed as collectively we adjust to new realities during an anxious and unpredictable time,” says Charles-Antoine St-Jean, president and CEO, CPA Canada. The Employment Insurance program and a promised Canada-wide early learning and childcare system are among the areas being targeted by the federal government. 

“Proposed changes to Employment Insurance are encouraging as they aim to better align the program with the changing nature of work,” says St-Jean adding that: “Addressing childcare is also welcomed as the goal is to support more women returning to work as part of the economic recovery.”  

While prompt action is required, the federal government is also looking long-term. As outlined in its pre-budget submission, CPA Canada urges the government to focus on:

• Delivering a recovery that includes plans for Canada’s long-term path to a low-emissions, climate-smart economy with attention to challenges faced by key sectors and regions.
• Building trust in the digital economy and ensuring sound data governance by completing the work outlined in Canada’s Digital Charter to modernize legislation and regulatory frameworks.

“The pandemic has accelerated the transition to the digital economy and also emphasized the need for Canada to keep up,” adds St-Jean. He notes that the Canadian CPA profession plays a respected role in managing business data and ensuring compliance with laws and regulations that protect the public. “We encourage the government to move swiftly to modernize Canada’s system of governing data in order to stimulate business innovation and digital adoption. The CPA profession is prepared to help in this endeavour.” 

While the Throne Speech outlines the government’s plan of action, it does not offer specifics about the price tags associated with the many commitments. CPA Canada looks forward to seeing the financial details of the government’s programs and initiatives outlined in the fall Economic Update. 

“The federal government needs to adopt a fiscal anchor or rule along with detailed economic and fiscal projections to reassure businesses and investors that Canada has a plan to achieve a stronger, more resilient country,” explains St-Jean.

From CPA Canada press release.