Description: Tax reform in Canada is a topic in the air as Conservative Party candidates vie for the leadership post and talk of tax reform under U.S. President Trump spurs conversations around Canadian competitiveness. National Post columnist Andrew Coyne contends that it has been over 30 years since Canada has seen significant tax reform. Mr. Coyne argues that various problems with calculating income can be addressed by enacting a system based on a personal consumption tax and a corporate net cash flow tax.
Date: April 10, 2017; updated April 11, 2017
1) If Mr. Coyne’s ideas were adopted, would this lessen the focus on corporate income statements and increase the visibility of cash flow statements?
2) What impact would these changes have on employment of accountants?
3) How likely is it that the federal government will go ahead with these changes?