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Finance committee  That's a good question. We'd have to get back to you in writing for a more fulsome definition.

October 24th, 2022Committee meeting

Alex Gray

Finance committee  That's a fair statement. Understanding the extent to which these are effectively anti-avoidance measures, the chamber does have concerns about taxpayers whose dealings are not motivated by tax avoidance.

October 24th, 2022Committee meeting

Alex Gray

Finance committee  The chamber does share those concerns; we agree. Mainly, they centre on the fact that these are designed to combat tax avoidance. Ultimately, there are many Canadian companies that are not obviously motivated by such intents.

October 24th, 2022Committee meeting

Alex Gray

Finance committee  It's a little more difficult for us to answer given that we have about 200,000 businesses. It would be hard to provide a general answer to that question.

October 24th, 2022Committee meeting

Alex Gray

Finance committee  Thanks, Alla. In the interest of time, I'll focus on two measures that would improve Canada's position in a rapidly changing international tax environment. First, the chamber believes the government should stand still on the digital services tax act, drop its retroactive application and fully support the implementation of the OECD two-pillar plan that has been agreed to by over 130 countries.

October 24th, 2022Committee meeting

Alex Gray

Finance committee  I agree with Mr. Dunlop that longer would be better. Taking into account pension plan valuation cycles and required notice to members, as I outlined in my statement...seven years.

October 19th, 2022Committee meeting

Alex Gray

Finance committee  We jointly signed a letter with them on the proposals. Feel free to take a look on the committee website.

October 19th, 2022Committee meeting

Alex Gray

Finance committee  I can't give you a specific example, but what I can do is illustrate the fundamental challenges of doing so. Examining a pension solvency is not like going onto your app and seeing how much money you have in your account. It's based on actuarial forecasts, which are essentially a snapshot in time.

October 19th, 2022Committee meeting

Alex Gray

Finance committee  Certainly Canadian businesses have had a difficult time throughout the pandemic. I don't have that data in front of me, but we could provide that in writing to the committee.

October 19th, 2022Committee meeting

Alex Gray

Finance committee  It's possible that it could. As I mentioned before, there's a delicate balance in the insolvency framework and there's a delicate balance that's already been achieved in the bankruptcy framework as well. My suggestion to you would be to hear from someone from the lending community on that.

October 19th, 2022Committee meeting

Alex Gray

Finance committee  Good evening. Thank you for having me here. I appreciate the opportunity to appear before this committee today. Improving retirement security for pension plan members is a laudable goal, yet as Canadians continue to have concerns about their financial security in retirement, it is essential that Parliament not address this challenge in a manner that would negatively affect Canadian businesses, especially those that sponsor DB plans.

October 19th, 2022Committee meeting

Alex Gray