Presenting his Economic and Fiscal Update before the Standing Committee on Finance last week, Flaherty unveiled 'Advantage Canada: Building a Strong Economy for Canadians' which he claimed would transform Canada into a "true world economic leader".

“The Canadian economy as a whole is performing extremely well and is among the fastest growing in the G7,” said Flaherty.

“If we are to remain at the economic forefront, we need a long-term plan that will shape Canada’s future, and improve the quality of life for families, students, workers and seniors," he added.

Contained within the plan are pledges to eliminate the government's net debt in less than a generation and to further reduce taxes for all Canadians, including establishing the lowest tax rate on new business investment in the G7. It also commits the government to cutting unnecessary regulation and red tape and increasing competition in the Canadian marketplace.

“Advantage Canada is a long-term plan that will create the right conditions and opportunities for families and businesses to succeed,” declared Flaherty.

He continued: “Unlike previous governments, we don’t see growth and surpluses as a licence to spend."

“We are determined to grow our economy, control our spending and give the benefits of debt and tax reductions directly back to Canadian families and taxpayers.”