Ottawa, October 23, 2012
2012-127
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The Department of Finance Canada today released a document entitled Economic and Fiscal Implications of Canada’s Aging Population. The report confirms that the Harper Government’s actions to ensure a return to balanced budgets over the medium term and preserve social programs will help ensure the sustainability of Canada’s public finances over the long term.
“The projections contained in this document indicate that the actions the Harper Government has taken are expected to ensure long-term fiscal sustainability based on current demographic and economic trends,” said the Honourable Jim Flaherty, Minister of Finance. “However, given the current extent of global uncertainty, it is essential that we continue to manage spending in a responsible manner and keep the federal debt-to-gross domestic product (GDP) level on a downward path in order to maintain the flexibility to respond effectively to unexpected shocks, if required.”
A central conclusion of the document is that acting and planning now to prepare for the challenge of an aging population will support long-term economic growth and avoid the need to take drastic or inequitable actions in the future, such as significant tax increases or service reductions.
Kathleen Perchaluk
Press Secretary
Office of the Minister of Finance
613-996-7861
Jack Aubry
Media Relations
Department of Finance
613-996-8080
