Shaping Tomorrow: Results from CPA Ontario’s Survey of Members on Public Policy

June 2, 2025

CPAs drive business forward, offering valuable expertise and insights that establish them as influential voices for positive public policy change. That's why we regularly engage with Ontario CPAs to understand their perspectives on critical issues. In December 2024, we conducted a comprehensive member survey to gauge sentiments on public policy, and the results underscore a clear and compelling message: 85% of CPA Ontario members feel that it is important for CPA Ontario to inform and influence public policy. This resounding support has reinforced our commitment to advocating on issues that matter most to Ontario CPAs and to the economic well-being of our province and country.

In February 2025, CPA Ontario established Trade & Growth Insights in response to the emerging trade uncertainties and tariff threats. This initiative not only demonstrates our commitment to acting swiftly on issues that impact Canada’s economic landscape, but also the valuable perspectives that CPAs can provide to policymakers.

Through Trade & Growth Insights, CPA Ontario is gathering the views from leading CPAs, as well as industry groups and subject matter experts, with the goal of bringing forward a series of public policy proposals that will help drive Canada forward. Focused on areas where CPAs have unique insights, including reforming the Income Tax Act, these proposals will present tangible ways that Canada can build a stronger, more competitive economy.

A Note on Context: Survey in Market Pre-Trump Administration 

It’s important to note that this survey was conducted in December 2024, capturing member perspectives prior to President Donald Trump taking office and initiating his tariff campaign on U.S. trade partners. While the core concerns around key policy areas remain highly relevant, the geopolitical and economic landscape has continued to evolve. CPA Ontario will continue to monitor these developments and advocate for policies that support stability and growth amid ongoing uncertainty. To support Ontario’s CPAs in navigating this environment, Trade & Growth Insights offers timely information and practical resources to help guide organizations through both challenges and opportunities.

Key Insights: What Matters Most in Public Policy

The survey delved into specific public policy areas, revealing those that are most important to CPA Ontario members. While all listed policy areas were deemed important, some stood out with particular emphasis:

• Combatting Financial Crimes and Money Laundering: A striking 92% of members rated this as an area of medium to high importance, with 61% deeming it of high importance. This signals a strong recognition of the critical role CPAs can play in safeguarding financial transactions and capital markets. Furthermore, the vast majority believe both federal (82%) and provincial (75%) governments could do more in this area.
• Managing Government Finances Prudently: 88% of members emphasized the importance of balanced budgets and a sustainable debt burden. This is further reinforced by the finding that 81% of members feel the federal government is managing public finances very or somewhat poorly, with 65% feeling the same about the Ontario government. The primary reasons cited for this poor performance include government spending being too high and being focused on the wrong mix of programs.
• Reforming the Personal and Corporate Income Tax System: Another area of significant concern, 88% of members highlighted the importance of tax system reform. The survey revealed widespread sentiment that Canada's income tax system is too complex and requires simplification (84%). Many also believe that personal income tax rates are too high.
• Improving Productivity and Economic Growth: Underscoring its importance, 84% of members expressed concern about Canada's productivity and economic growth performance. Recognizing the urgency of this issue, CPA Ontario has made it a priority over the past several years by actively engaging in meaningful dialogue with leading economists and business leaders to address Canada’s productivity challenges and explore actionable solutions.

Beyond these top priorities, members also highlighted other crucial areas for public policy focus. These include improving financial literacy among the general population, fostering a stronger innovation economy, and modernizing high school accounting courses to better reflect the diverse skills of Chartered Professional Accountants.

Deeper Dives into Policy Areas 

The survey also provided nuanced insights into various policy areas:

Tax Policy: Beyond the overall complexity, members strongly feel that federal (82%) and provincial (61%) income tax systems are too complex. There's also a clear sentiment that federal marginal personal income tax rates are too high (72%). Notably, over two-thirds of members (67%) do not support the previous federal government’s proposed increase of the inclusion rate of Canada’s capital gains tax. When asked for recommendations, the top suggestion for improving Canada's income tax system was simplification.

Fiscal Policy: The concern about government financial management is palpable. As noted, 81% of members believe the federal government is managing public finances poorly, primarily due to high spending (74%) and spending on the wrong mix of programs (70%). Similarly, 65% feel the provincial government is managing finances poorly, with 75% citing spending on the wrong mix of programs and 54% citing high spending as key reasons.

Productivity and Economic Growth: When asked about key policy changes to drive productivity and growth, among the top choices were a more thoughtful approach to immigration (43%), personal income tax reform that encourages work and entrepreneurship (41%), and a more efficient public service (39%). Unaffordable housing was identified as the top economic challenge facing Ontario in 2025 by a striking 59% of members. At 40%, the second top challenge was protectionist trade policies of the new U.S. administration, despite the survey being in market before President Trump’s swearing in on January 20.

Technology and Innovation: The survey revealed strong agreement that governments can do more to foster a stronger innovation economy (79%) and that the innovation economy is underperforming relative to its potential (75%). The top factors inhibiting Ontario's innovation economy were identified as challenges in commercializing innovations, a lack of company headquarters in Canada, and the small domestic market.

Financial Literacy: Most members believe financial literacy deserves attention. The areas requiring the most immediate focus were identified as households' ability to budget effectively, retirement preparedness, and levels of household indebtedness.

Next Steps

The results of this survey will inform CPA Ontario’s policy advocacy efforts and ensure that the voice of the CPA profession is heard where it matters most. CPA Ontario is committed to fostering a strong economy, promoting sound financial practices, and ensuring that CPAs continue to be recognized as trusted advisors who protect the public and drive economic prosperity.