Canada - Chartered Professional Accountants of Canada (CPA Canada) outlines how the country can accelerate its transition to a low-carbon, climate-resilient and globally competitive economy as part of the organization's recommendations for the next federal budget.
The recommendations submitted to the House of Commons Standing Committee on Finance are intended to advise the incoming government on the actions CPA Canada recommends for the 2020 budget. They are in response to the Committee's theme for submissions: "Climate Emergency: The Required Transition to a Low Carbon Economy."
"We believe our recommendations will help the next government set a course for a sustainable future," says Gordon Beal, CPA Canada's vice-president, research, guidance and support. "Canadians are looking to leaders in the public and private sector to confront climate change and the other drivers of change with solutions that protect their economic prosperity and quality of life."
The CPA Canada submission notes that both opportunities and challenges come with climate change and that if addressed properly, a healthier environment, society and economy will emerge. Among the actions sought:
1. Implementing the recommendations of the Expert Panel on Sustainable Finance that are within federal jurisdiction, while encouraging and supporting other jurisdictions and the private sector to do the same.
2. Remaining committed to the priorities identified in Canada's Digital Charter,. The profession is transforming to ensure CPAs are comfortable in a digital, data-driven world. We need government to keep pace in shaping the regulatory environment.
3. Launching a comprehensive review of Canada's tax system, led by an independent expert panel. If Canada's economy is to become cleaner and low-carbon, digital and data-driven, and more globally integrated and competitive, Canada's tax system is not up to the job.
4. Working with provinces and territories to strengthen Canada's anti-money laundering regime, including through consistent beneficial ownership requirements and a new national framework around whistleblowing in the private and public sectors.
"While we welcome the Committee's theme for the next federal budget, climate change is only one of the key drivers impacting Canada's future and cannot be viewed in isolation," says Beal.