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The Honourable Jim Flaherty, Minister of Finance, today highlighted a host of Government of Canada initiatives to support businesses and strengthen their ability to address economic challenges generated outside the country.
“This Government appreciates that, like any other engine, the economic engine of the private sector needs the right conditions to power the economy forward,” Minister Flaherty said in an address to the Whitby Chamber of Commerce. “Moving forward, we will remain focused on creating the right conditions for businesses and individuals to succeed.”
The Minister noted that, even though global economic performance has been weak in the first half of this year, the Canadian economy remains relatively strong and that consumption—and, in particular, business investment—continues to expand.
He noted that the Government has increased its support for businesses by reducing corporate income tax rates, cutting red tape, encouraging entrepreneurship, and providing stronger support for knowledge, research and commercialization.
Minister Flaherty also highlighted the Government’s commitment to return to fiscal balance, noting that once it is fully implemented three years from now, Canada’s deficit reduction action plan will achieve at least $4 billion in annual savings and allow the Government to return to budget balance by 2014–15, one year earlier than previously planned.