Canadian Fiscal Performance Lauded By OECD

by Mike Godfrey, Tax-News.com, Washington

16 September 2010

Canada’s Minister for Finance, Jim Flaherty has commented on the release of the Organization for Economic Cooperation and Development’s (OECD's) two-yearly Economic Survey of Canada.

“I am pleased that the survey recognizes Canada’s inherent domestic strengths and policy actions that ensured that as a country we were in far better shape than any other major industrialized country,” he said, adding:

“The survey lauds Canada’s economic and fiscal performance and policy initiatives.”

“Long before world leaders met to confront a global emergency, our government put in place permanent measures that helped position Canada to withstand the global downturn. The OECD recognizes Canada’s initial measures, such as the stability of our banking system, a less leveraged corporate sector and a relatively strong fiscal position.”

“The report commends Canada for adopting structural reforms during the crisis, including the elimination of capital taxes, the relaxing of restrictions on foreign ownership, the introduction of the Tax-Free Savings Account, and the elimination of all remaining tariffs on imported capital goods.”

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