Canadian Mortgage News

September 2010 National News Archive

OECD Lauds Canada's Good Economic and Fiscal Performance

OTTAWA, Ontario, September 13, 2010 — The Honourable Jim Flaherty, Minister of Finance, today issued the following statement on the release of the Organisation for Economic Co-operation and Development’s (OECD) Economic Survey of Canada, which is published every two years:

“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.

“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. This is a testament to the stability of Canada’s financial sector, not to mention the prudence of Canadians themselves.

“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.”

News source: Department of Finance