With the news that Canada’s budget is once again in deficit, Milt Isaacs, President of the Association of Canadian Financial Officers, reiterated his call for a more progressive approach to taxation and revenue generation.

“For the last decade or more, governments of all stripes from around the world have reacted to news like this by deepening cuts to public services in a dangerous race to the bottom,” Isaacs said. “It’s vital that Prime Minister Justin Trudeau stay firm in his commitment to look at both sides of the ledger and move forward with progressive approaches to generating revenue.”

In its recommendations submitted to the government during preparation of the 2014 budget, ACFO called for targeted measures such as the end to the stock option deduction, a crackdown on transfer mispricing and the rampant use of tax havens and a financial transaction tax. It’s estimated that these measures could generate as much as $19.5 billion for the federal treasury.

“If the cupboard is truly bare, it’s because of decisions that have been made by successive governments to favour the interests of multinationals, not Canadians who depend on high quality public services,” said Isaacs.

“It’s time for governments to be financially responsible and fair to all Canadians by being financially responsible and planning for ways to fund the services they rely on.”