Canada Promotes Business Opportunities Abroad

by Mike Godfrey, Tax-News.com, Washington

16 March 2010

Canadian Minister of Finance is to highlight Canada’s offerings as a place to do business in official visits to New York, London and Dublin this week.

In a series of speeches and face-to-face meetings with business and political leaders, Flaherty will spotlight Canada’s growing competitive advantages: a sound financial system, temporary stimulus provided by Canada’s Economic Action Plan, an increasingly attractive tax system, and the distinction of becoming the first G20 country to allow manufacturers to operate free of tariff costs. He will also outline Canada’s priorities as President and host of the G8 in Canada’s Muskoka region and host of the Toronto G20 leaders summits in June, and the leading role Canada has played in the global response to the economic crisis.

“Canada’s success in coping with an unprecedented international economic crisis—and emerging even stronger in spite of it—deserves to be told,” said Flaherty. “On so many fronts, our country is sending a clear and compelling message to the world: Canada is open for business.”

Throughout his visit, Flaherty will emphasize the recent budget and Canada’s Economic Action Plan, and highlight Canada’s ongoing achievements. According to the Finance Minister, these include:

• Canada was the last G7 nation to enter recession, and the decline in real gross domestic product (GDP) was virtually the smallest of all G7 countries. Over 2009, Canada has had the strongest rebound in domestic demand.
• Canada has by far the lowest debt-to-GDP ratio in the G7, with a projected increase of less than 6% between 2007 and 2014, compared to increases of between 24 and 63 percentage points for other G7 countries.
• As a result of federal and provincial tax changes, in 2010 Canada will have an overall tax rate on new business investment that is the lowest in the G7 and below the average of the Organisation for Economic Co-operation and Development, and by 2012 Canada will have the lowest statutory corporate income tax rate in the G7.

Recommended