Niagara-on-the-Lake, Ontario, November 6, 2013
Archived - Finance Minister Highlights Harper Government’s Key Initiatives to Create Jobs and Generate Long-Term Prosperity Through Strengthened Support for Businesses
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The Honourable Jim Flaherty, Minister of Finance, today reiterated the Harper Government’s commitment to strengthen Canada’s economy by increasing business competitiveness and generating new opportunities in global markets—creating new and better jobs and improving the standard of living of Canadians in the process.
Speaking at the 10th Annual Ontario Economic Summit, the Minister said, “Our Government recognizes that sustained and growing investment by our businesses is the key to Canada’s long-term prosperity. That is why we have consistently worked to create an environment that promotes business competitiveness.”
Among other examples, Minister Flaherty pointed to the Government’s implementation of a low-tax plan that supports business investment and innovation, which has contributed to Canada achieving the lowest overall tax rate on new business investment in the G-7. The competitiveness of Canada's business tax system is supported by third-party analysis. The KPMG publication Competitive Alternatives noted that Canada’s total business tax costs are the lowest in the G-7 and more than 40 per cent lower than those in the United States.
The Minister also highlighted the potential of the Canada-European Union (EU) Comprehensive Economic and Trade Agreement (CETA), which covers all key economic sectors and will benefit Canadians in every region of the country. Once CETA comes into force, Canada will be the only G-8 country, and one of the only developed countries in the world, to have preferential access to the world’s two largest markets—the EU and the United States, or more than 800 million of the world’s most affluent consumers.
“This will make Canada the envy of trading nations all over the world and an even more attractive destination for investors and manufacturers looking to benefit from this access,” the Minister said. “These expanded opportunities for companies and new investors will lead to more jobs for Canadians.”
He noted that Canada is not immune to developments originating outside our borders. Nevertheless, the Minister concluded, “The Harper Government will continue to take the necessary steps to encourage growth and strengthen our ability to respond to economic shocks and other challenges, while delivering on our commitment to balance the budget in 2015. And we will continue to identify new ways to strengthen Canada’s fiscal and economic framework to support the long-term prosperity of Canadians.”
For further information, media may contact:
Office of the Minister of Finance
Department of Finance