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Reforming tax and regulatory policy in Canada - Research Paper Example

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This essay discusses new technologies in Canada, that have led to shift in terms of trade in favour of services and production of higher value goods. Economic growth in Canada requires that technologically innovative activities to be generated in order to boost it to greater competitive advantage…
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Reforming tax and regulatory policy in Canada
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Download file to see previous pages Importation of industrial knowledge s been achieved through business alliances, market arrangements, or internal channels. Canadian firm increase in productivity has been achieved through importation of capital equipment and production system, sub-assemblies and parts, and production concepts. Canadian companies should try to secure a place in global markets, which in turn will earn the country opportunity to expand in terms of her telecommunications, resources, and environmental technologies. Small companies and business account for a larger employment percentage in the local economy. According to Carnoy (72), global markets aids in expanding these opportunities in the world economy. Such moves gives countries like Canada an opportunity to expand. For Canada to succeed in her economy, she must revise her tax and regulatory policies. For instance, federal tax is too high, which suppresses many small businesses. When these small companies start to expand, tax increase, which makes them, disappear from the market. Canada should adopt tax system that does not discourage financial capital expenditures. Not only is the taxation system killing the development and growth of her economy but also there is need to review the regulatory system for Canadian markets. There is an urgent need to establish a regulatory system that is suitable for Canadian future (Ingrid 45-51). The Canadian administrators and securities have tried to provide a common ground for all securities regulators to work in unison. For example, the passport system in Canada, which all the provinces have adopted, provides an opportunity for dealer and dealer registration. Such common regulation has reduced the costs as Canadians issuers and...
This essay analyzes that the formula has served Canada economy in tax calculation from 1982 to 2005 though several adjustments were incorporated. These included limitation of “tax back” effect extent, total payments floor, and total payments ceiling adjustments. Ceiling enabled the Canada’s federal payments growth were limited to the nominal gross domestic product growth rate within a specified time. Total payment floor was implemented in the formula to protect equalization from unusual changes in their economic conditions. “Tax back” effect limitation was aimed at controlling resource revenues since an increase in income from tax representing a large share of the province tax base may lead to even or total offset in equalization payment.
In conclusion, unlike other countries, Canada does not have a formal system to consolidate the tax reporting of corporate groups or offset losses and profits of the member groups. Therefore, it should implement tax system that does not daunt financial capital expenditures. Not only is the taxation system hindering the progress and growth of her economy but also there is need to re-examine the dictatorial system for Canadian markets. Past years have seen adopt a solitary system. The federal and provincial government of Canada should embrace a new system of group taxation and group relief such as tax loss transfer system. Since technological advancement has been identified as a key factor in the Canada’s economic growth, taxes imposed and regulation policies on new technologies should be redefined. ...Download file to see next pages Read More
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