FleishmanHillard HighRoad for RSM Canada, fhr.rsm@FHhighroad.com, 416.508.8430
for media use only
RSM Canada ("RSM"), the leading global provider of audit, tax and consulting services focused on middle market businesses, today launched its third edition of ‘The Real Economy, Canada’ – a quarterly report that provides Canadian businesses with economic analysis and insights into factors driving growth in Canada's middle market.
With the federal election due in October, many businesses will be looking for insight into the economic and industry challenges facing the next government, with questions around what this means for them. The third edition of ‘The Real Economy: Canada’ shines a light on the increasing headwinds facing Canada in the coming months and explores the measures the next government needs to put in place to re-ignite the country’s economy.
Key findings in this quarter’s report include:
Canada’s economy is slowing due to geopolitical tensions and trade wars, and its strong GDP performance is deceptive.
The slowdown in global manufacturing is now hitting one of Canada’s vital industries.
The appetite for Canadian energy and commodities has declined.
The next Canadian government will need to implement a set of measures to get the country back on track.
1. Adjustments to employment insurance
2. Individual tax relief, credits & rebates
3. Business tax incentives
4. Increase in government spending (such as infrastructure projects)
“With the federal election due in October, Canada’s next elected party will face a mighty economic task on its first day – boosting the country’s slowing economy in the midst of global uncertainty,” said Joe Brusuelas, chief economist with RSM US LLP. “The country is grappling with a worldwide slowdown, all facilitated by geopolitical tensions and trade wars, and the implications are hitting Canada’s most prominent industries hard. It’s vital that the incoming government implements the right measures to get the country back on its feet, providing a well-needed boost to infrastructure, businesses and communities.”
“Aside from adjustments to credits, insurance and tax, the Trans Mountain Expansion Pipeline is one investment that would provide the short-and long-term economic boost the country needs,” said Alex Kotsopoulos, vice president, projects and economics with RSM Canada:. “Our research shows that developing the pipeline project would not only increase Canada’s GDP but, most importantly, it would support the backbone of Canada’s economy – its small-to-medium-sized businesses - through job creation and community investment.”
About RSM Canada
RSM’s purpose is to deliver the power of being understood to our clients, colleagues and communities through world-class audit, tax and consulting services focused on middle market businesses. The clients we serve are the engine of global commerce and economic growth, and we are focused on developing leading professionals and services to meet their evolving needs in today’s ever-changing business environment.
RSM Canada LLP provides public accounting services and is the Canadian member firm of RSM International, a global network of independent audit, tax and consulting firms with 51,000 people across 123 countries. RSM Alberta LLP is a limited liability partnership and independent legal entity that provides public accounting services. RSM Canada Consulting LP provides consulting services and is an affiliate of RSM US LLP, a member firm of RSM International. For more information visit rsmcanada.com, like us on Facebook, follow us on Twitter and/or connect with us on LinkedIn.