CPABC in Focus November/December 2014 | Page 7

Notes & News CPABC recommendation: 1.  BC government should create a uniform municipal reporting framework the AGLG The can work within; establish key performance indicators for municipal governments in order to assess, compare, and benchmark municipalities of a similar size using standardized indicators for service delivery; and establish best practices. Tax policy Good tax policy at every level of government helps create a strong, competitive economy. When looking at the BC PST, one of the biggest issues at stake for business is the loss of input tax credits. The repeal of the HST and the reinstatement of the PST have likely had a negative impact on BC’s growth rate, which has been lower than forecasted over the last two years, and have likely contributed to our mediocre GDP growth rate. Many CPA Business Outlook Survey respondents ranked the reintroduction of input tax credits as one of the most important steps government can take to improve our province’s competitiveness, and 69% described the current PST a moderate or major challenge to business success in the province. CPABC recommendation: 1.  BC government should begin planning for the return of an HST-like system that The would restore input tax credits; and if one of the myriad of LNG or other resource projects receives the go-ahead, the reintroduction of input tax credits should be a top priority. Increased venture capital investment is also one of the factors driving the need for highly skilled labour. In 2013, recognizing the potential for growth in this sector, the federal government announced its $400-million Venture Capital Action Plan. However, BC has not yet benefited from the federal government’s funding. CPABC recommendation: 1.  Given BC’s growing high-tech sector and burgeoning venture capital market, the provincial government should urge the federal government to shift significant venture capital investment support to BC under the Venture Capital Action Plan. To access the full budget submission, visit bccpa.ca and choose “Government Relations” under the News, Events & Publications tab. Venture capital According to research conducted for our most recent BC Check-Up report, venture capital investment in BC more than doubled in 2013, reaching $478 million. This was the largest increase of any Canadian region in 2013, giving BC a 24% market share. The increase in venture capital investments in BC implies that technology and knowledge-based industries are continuing to grow and mature. Robert Biedermann/iStock/Thinkstock CGA-Canada Unifies with CPA Canada to Create a Single National Body O n October 1, 2014, CGA-Canada joined CPA Canada, completing the integration of the country’s national accounting bodies. The 190,000 members of Canada’s accounting profession are now represented by a single national body: CPA Canada. “With integration, we are one of the largest national accounting bodies in the world,” said Kevin Dancey, FCPA, FCA, the president and CEO of CPA Canada. “A common vision with a strengthened voice gives Canada’s accounting profession greater influence both at home and abroad.” Integration of the national bodies is the latest milestone in unifying Canada’s accounting profession under the CPA designation. “This is an exciting transition period for Canada’s accounting profession,” said Pat Keller, CPA, FCGA, the chair of CGA-Canada. “There is still work to be completed at the provincial level, and it is important that all stakeholders recognize the Canadian CPA as Canada’s pre-eminent business and accounting designation.” CPA Canada’s 20-member board of directors reflects a cross-section of perspectives based on regional representation, the legacy designations, and public input. Following CPA Canada’s 2014 annual general meeting in late September, Bob Strachan, CPA, FCMA, of Victoria, was appointed chair of the board. Bob (interviewed in the November/December 2013 issue of CPABC in Focus) previously served as the board’s vice-cha