Toronto, Ontario – Department of Finance

Finance Minister Joe Oliver today met with Canada’s leading private  sector economists to gather their views on economic prospects for the country.

The consensus at today’s meeting was that the average forecast in the September survey of private sector economists is a reasonable basis for fiscal planning.

The average of private  sector economic forecasts forms the basis for the Department of Finance’s  economic and fiscal planning assumptions. This ensures objectivity in the  fiscal forecast—a practice supported by the International Monetary Fund.

The economists also confirmed that Canada’s economy remains resilient,  despite an uncertain global economic climate.

Quick Facts

• As outlined in Economic Action Plan 2014, the  Government’s responsible fiscal management is expected to yield a surplus in  2015–16.
• Canada has the lowest net debt-to-GDP (gross  domestic product) ratio in the Group of Seven (G-7), with AAA credit ratings  and a stable outlook from all the major credit rating agencies.
• Canada has created nearly 1.2 million net new  jobs since the depths of the recession—one of the strongest job creation  records in the G-7.
• According to KPMG, total business tax costs in  Canada are the lowest in the G-7 and 46% lower than those in the United States.

Quote

“Our government’s low-tax plan for  jobs, growth and long-term prosperity is keeping us on track to balance the  budget in 2015. But at a time of global economic uncertainty and geopolitical  risk Canada cannot rest on its record of success. This is why Economic Action  Plan 2014 focuses on the drivers of job creation—innovation, investment,  education, trade and infrastructure.”

- Joe Oliver, Minister of Finance

src:news.gc.ca