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Canadian tax alert: Deloitte’s recommendation – 2019 tax policy issues for consideration

Published on: Dec 10, 2018

At Deloitte, we believe that Budget 2019 will provide the Government with an opportunity to drive business performance and improve economic prosperity for all Canadians. As discussed in Deloitte’s Economic Outlook: Singing the Late Cycle Blues, Canada has experienced modest growth in 2018, but economic growth is expected to be weaker going forward as Canada is in the later stages of the business cycle.

To achieve a better outcome, Canada must boost the economy’s potential to sustain stronger growth over the long-run. As Deloitte has highlighted in its past research, this is ultimately about improving our competitiveness, productivity and innovation.

In addition to the risk of a weakening economy, businesses today are grappling with seismic shifts in the economic landscape and a frenetic pace of technological change. To be successful in this turbulent environment is it crucial to ensure that Canada’s economy is built on strong fundamentals and is productive and adaptable.

To ensure that Canadian businesses can compete around the world, our tax policy recommendations for Budget 2019 are summarized in eight broad categories:

  • Protect Canada’s competitiveness in respect of corporate income tax
  • Attract and retain the world’s most talented people
  • Consider the introduction of a patent box model
  • Spur a “start-up and growth economy” with improved financing support
  • Incent research and development (R&D) through refundability of scientific research and experimental development (SR&ED) tax credits
  • Implement clearer language in the recent private corporation legislation
  • Provide clear, prospective application of revised Organisation for Economic Co-operation and Development (OECD) Transfer Pricing Guidelines
  • Enhance certainty through more efficient tax administration

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