Archived - Minister of Finance Delighted Canada Vaults to No. 2 Spot in Global Business Survey
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Bloomberg Rankings of World’s Most Attractive Countries for Business Shows Merits of Canada’s Low-Tax Plan for Jobs and Growth
January 22, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Jim Flaherty today welcomed a major global survey that has seen Canada leap in the world ranking of best business environments to place second, behind only Hong Kong. The result adds to the list of accomplishments, including a banking system that has been considered the world’s soundest for six straight years by the World Economic Forum. This demonstrates that the Government’s responsible and disciplined use of tax dollars to support job creation and promote economic growth is working.
The Government of Canada remains on track to balance the federal budget in 2015, which will contribute to low interest rates, attract more investment, keep taxes low and ensure sustainable social programs.
- Canada ranked sixth in Bloomberg’s 2012 survey and is now one of only a handful of countries that continues to receive a triple-A credit rating, with a stable outlook, from all the major credit rating agencies.
- Responsible and disciplined use of taxpayers’ dollars is expected to yield a surplus in 2015–16.
- Canada has the lowest federal tax burden as a percentage of gross domestic product in over 50 years, with the lowest business tax costs in the Group of Seven (G-7).
“I am delighted to see Canada rise to second place in this survey of the world’s best business environments. This should come as no surprise, however, given KPMG’s conclusion 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. This is further international recognition that our Government’s low-tax plan for jobs and growth is a sound economic formula.
- Jim Flaherty, Minister of Finance
- Bloomberg News article
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Office of the Minister of Finance
Department of Finance