Wednesday, October 05, 2011

The Keeping Canada's Accountants & Tax Advisors Busy Act

They sure know how to name a statute, these Conservatives: "Minister of Finance introduces the Keeping Canada's Economy & Jobs Growing Act." Think the above suggested title fits the bill more appropriately though. They love to tinker with the tax laws, a credit here, a credit there, an accounting treatment here, etc.

Some of this seems to be election promises fulfilled - a volunteer firefighters tax credit, family caregiver tax credit, children's arts tax credit, the beginning of the end for political party subsidies, among other items - whereas other measures are just what they had included in their last budget before the election. There doesn't seem to be much in the way of bold thinking here in terms of economic plans. Just a small hiring tax credit that is a nod to job creation. (With one exception, and beyond this legislation, there is word that there may be a major infrastructure announcement on proceeding with the Champlain Bridge replacement. Although that is more of a necessity, not creative infrastructure thinking.)

As things are getting rockier in the world economy, the government is being cautious. They know things are happening out there and yet with legislation so boldly named, staking out that this is how they will keep our economy and jobs growing, they choose to essentially stay the course. Whether that will be the right way to go remains to be seen.