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Flaherty Unveils Bold Economic Plan For Canada,
by Mike Godfrey, Tax-News.com, Washington
Monday, November 27, 2006
Canadian Finance Minister Jim Flaherty has announced a sweeping economic plan which aims
to eliminate Canada's net debt and reduce taxes on investment to some of the
lowest globally.
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.”
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