The Investment Industry Association of Canada says it supports the long-term vision in the 2012 federal budget to strengthen growth prospects in the country and underpin the sustainability and effectiveness of Canada’s social programs.
The IIAC says budget has introduced structural measures to promote investment spending in the country, including streamlined review process to begin major projects quickly with appropriate environmental consideration, and a faster, more flexible immigration program to address skilled work shortages.
The IIAC says it agrees with the observation that small and mid-sized businesses continue to have difficulty raising equity capital for start-up and expansion. “IIAC encourages the government to direct the planned $400 million to help increase private-sector risk investments to a market-driven tax incentive to attract investors and benefit businesses,” says Ian Russell, IIAC president & CEO. “We look forward to participating in consultations.”
The IIAC is also pleased the federal government has re-affirmed its commitment to a national securities regulator, by continuing dialogue with the provinces to seek consensus and move forward.
The IIAC expressed its disappointment that the government has not extended the designated conversion age for RRSPs to RRIFs, nor increased flexibility of these retirement programs.