Archived - Minister of Finance Welcomes IMF Report Confirming Canada's Return to Balance in 2015
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January 30, 2015 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today welcomed the findings of the International Monetary Fund’s (IMF) Staff Report for the 2014 Article IV consultation with Canada, which once again highlighted the Government’s successful low-tax plan to create jobs, growth and long-term prosperity.
The IMF gave a favourable review of the Canadian economic situation, noting that “above-potential GDP [gross domestic product] growth is envisaged for 2014 and 2015” in Canada, as exports and non-energy investments benefit from the U.S. recovery, but that oil prices would dampen near-term investment in the energy sector.
The IMF report confirmed that the Family Tax Cut and the increased and expanded Universal Child Care Benefit announced last fall would not materially delay a return to balanced budgets, noting that “the federal government is essentially on track to achieving its balanced budget target in fiscal year 2015/16.”
The report also noted that Canada’s “financial sector performance remains strong” and that Canadian banks are “resilient to credit, liquidity and contagion risks.”
- The Canadian economy has posted one of the strongest job creation records in the Group of Seven (G-7) over the recovery, with almost 1.2 million jobs created since July 2009.
- The Government will balance the federal budget in 2015, and deliver close to $27 billion in tax relief and increased benefits for hard-working families with children over this year and the next five years.
- The Government is supporting families through proposals to increase and expand the Universal Child Care Benefit, introduce the Family Tax Cut, and increase the Child Care Expense Deduction dollar limits.
“The IMF confirms that our Government’s Economic Action Plan is a proven formula for creating jobs, growth and long-term prosperity, through lower taxes and a return to balanced budgets in 2015. Given the fragile state of the global economy, this assessment underscores the wisdom of staying the course, balancing the budget and building on our progress.”
- Joe Oliver, Minister of Finance
- 2014 Article IV Consultation—Staff Report; Staff Statement; and Press Release [PDF 2.08 MB]
- Economic Action Plan 2014
Office of the Minister of Finance
Department of Finance