Thank you, Mr. Chair and members.
I'm Joy Thomas. I'm the president and CEO of the Chartered Professional Accountants of Canada. With me today is Bruce Ball, our vice-president of taxation. I'd like to thank you for your invitation. It's a pleasure to be virtually with you today.
The federal government has acted swiftly and decisively through its COVID-19 economic response plan to provide direct assistance, tax payment deferrals and liquidity support at a time when support was most urgently needed. The accounting profession appreciates that we need to take these measures now, while at the same time we're very cognizant of the work ahead to manage the nation's finances. We've been asked by the committee today to speak to the theme of support for Canadians who are not eligible for existing measures.
We'll start by saying CPA Canada supports the federal government's plan. Unfortunately, when the response is of such historic magnitude and is under extreme time pressures, certain individuals and businesses will be overlooked among the initial stimulus measures. This has happened, and the government deserves credit for making adjustments to assist some of those who have fallen through the cracks and are not eligible for government supports. We've seen enhancements to the Canada emergency wage subsidy program, the Canada emergency response benefit and the Canada emergency business account. We've also seen additional support provided to vulnerable Canadians, students and graduates, essential workers who are keeping us safe and seniors who helped to build this great country.
Please note that we have attached an appendix to our remarks to highlight gaps in support. It's vital that existing gaps be addressed, and we understand that some of these issues are being actively considered by government now.
CPA Canada welcomes the opportunity to participate in the discussion that's happening today. As always, we are appearing here to support Canadians, our businesses and our society at large. Our organization maintains good working relationships with parliamentarians and senior government officials. In particular, we'd like to acknowledge the commitment and the dedication of the Canada Revenue Agency and Finance Canada. Extending numerous tax deadlines and providing greater clarity around the wage subsidy program are appreciated by tax professionals and their clients, including small to medium-sized businesses and individual taxpayers.
The key issues that we're hearing from members around shortfalls in support relate primarily to the Canada emergency wage subsidy program. Some specific issues include certain partnership arrangements that are not eligible, such as private-public partnerships and partnerships involving pension funds. Some cost-sharing or paymaster arrangements do remain problematic. The monthly revenue test does not work in some situations, such as for seasonal businesses or other businesses whose revenue does not occur on a consistent monthly basis. As well, a number of technical issues that need to be worked through on the wage subsidy.
We're also hearing that extensions to other tax deadlines are needed, as outlined in our appendix. We're currently discussing those issues with CRA.
I'm very proud of the CPAs who are making a positive difference by helping individuals and businesses across our country, and this includes those CPAs who are supporting front-line health care workers by offering to prepare their returns free of charge through the Accounting for Bravery program that is running in Ontario and Manitoba. Elsewhere there are other initiatives, such as virtual tax clinics to help low-income and vulnerable Canadians with tax filings. CPA Canada is also doing its part by developing financial literacy and other resources to support members in helping Canadians and businesses survive through the COVID-19 pandemic and, importantly, to prepare for recovery.
We're all rising to the challenge, and collectively we will get through this crisis. The talks around a gradual reopening of the economy are promising; however, as leaders gradually start to ramp up our economy, there are many considerations at play and much at risk. Any reopening needs to ensure that the health of Canadians is protected, that workers are supported and that decisions are data driven and evidence based. Ultimately, Canada will need a plan for recovery towards a sustainable economy with resilience for the future.
I'd like to thank you. Bruce and I look forward to taking your questions.