OTTAWA — A business group representing 150 Canadian corporations has been lobbying federal officials for a broad-based review of the tax code, part of a wider effort to renew awareness about Canada’s waning competitiveness ahead of the looming federal election. Business competitiveness became a mainstream political topic in 2017, when Finance Minister Bill Morneau introduced controversial tax reforms that helped stoke fears in the private sector about an increasingly burdensome tax system in Canada. Those worries, along with sweeping tax changes introduced by U.S. President Donald Trump and trade uncertainties, prompted Morneau to introduce a number of piecemeal tax incentives aimed at giving the business community a boost. But executives and some politicians say Ottawa must go much further to properly address Canada’s declining business competitiveness, which they say threatens the the future of the Canadian economy. Hyder, among others, has proposed that Canada undergo a deep, structural review of the federal tax code in order to attract more capital and workers to the country.

Source: National Post April 26, 2019 01:52 UTC