Quebec budget: A first budget that addresses some of Quebec’s top economic challenges
Quebec City, March 21, 2019 – The Quebec CPA Order welcomes the 2019-2020 Quebec budget tabled today by Finance Minister, Éric Girard. “With this budget, the government addresses some of Quebec’s top economic challenges, including the labour shortage, sustainable development and government performance,” said Nathalie Houle, FCPA, FCMA, Chair of the Order.
The Order is pleased with the measures introduced to address the labour shortage, including the tax credit for career extension, now available to workers as of age 60, and the five-year $730 million investment in the new immigration pathway for successful integration.
“By announcing a significant investment to ensure better immigration planning and more sustained support for immigrants, the government is responding to an urgent need expressed by businesses. Let’s hope this measure will also provide better support for the processes implemented by the professional orders to have the competencies of foreign-trained professionals recognized and help them enter the job market,” added Ms. Houle.
The Order also commends the government’s commitment to pursue the implementation of its Tax Fairness Action Plan by announcing, for 2019-2020, measures to strengthen mandatory disclosure mechanisms, improve the rules on the use of nominees and enhance corporate transparency.
The CPA Order also acknowledges the government’s commitment to increase transparency in financial reporting by introducing quarterly reports containing information on the expected budgetary balance. Lastly, the optimization of strategic planning processes and implementation of publicly accessible dashboards should promote better management of public funds and improve government performance.
The Order, however, is disappointed that no tax simplification measures were announced and that the government has yet to act on its plan, announced last December, to formally define the optimal level of the Stabilization Reserve, which will stand at $9.7 billion as at March 31, 2019. The Order would also like the government to examine the conditions and parameters for use of the Stabilization Reserve. “With signs of an economic slowdown on the horizon and the government still having some fiscal flexibility, now is a good time to examine the management parameters of these funds,” concluded Ms. Houle.
About the Quebec CPA Order
The Ordre des comptables professionnels agréés du Québec has 39,000 members and 5,000 future CPAs, making it the third largest professional order in Quebec. The Order ensures the protection of the public and the visibility of the profession. It represents all areas of expertise of the accounting profession, including financial reporting, management accounting, strategy and governance, audit and assurance, finance and taxation.
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Manager, Public Affairs
Quebec CPA Order
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