Archived - Minister of Finance Welcomes IMF Report Confirming Canada's Return to Balance in 2015

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.”

Nicholas Bergamini
Press Secretary
Office of the Minister of Finance
613-369-5696

Stéphanie Rubec
Media Relations
Department of Finance
613-369-4000

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