The Buzz

2021 Federal Pre-Budget Submission

CPB Canada has made its first ever submission to the Standing Committee on Finance for its 2021 budget consultations. The pre-budget submissions are an important opportunity to identify the most pressing priorities of a sector or profession, while also outlining that profession’s unique role in supporting the theme of the budget.

This year, we have been informed that the theme of the Liberals’ budget is “Building Back Better”. Government is looking for ways to help Canadians and the economy recover post-peak period of the CoVID-19 pandemic. The narrative that bookkeepers often are businesses, while supporting businesses is something that we feel government will pay attention to.

This process introduces hundreds, if not thousands, of different policy proposals to Finance Canada, which they then evaluate to determine which should be further investigated. This submission outlines CPB Canada’s recommendations to government and will be used as a platform for future discussions with them.

CPB Canada recommends the following:

1. That the government expand CEBA requirements to deliver more flexibility for small businesses:

• Allow sole proprietors operating a business through a personal bank account to access the program
• Allow ‘incorporated businesses’ who use the loan to receive a bookkeeper’s services while paying their invoices at a later date
• Introduce an option for those who do not qualify for CEBA to access a smaller government-backed loan to bridge the gap into recovery
• Allow smaller businesses to access smaller loan amounts with a lower level of eligible non-deferrable expenses.

2. That the government allow an exception that allows sole proprietors to access the CEWS program, or any future wage subsidy program for employers, by allowing them to report net self-employment earnings.

Read the full submission