Alberta’s ongoing oil boom is welcome news for the rest of Canada, but sweeping tax cuts need to be introduced to boost further investment, Federal Finance Minister Jim Flaherty said yesterday.
While speaking to a luncheon crowd in Edmonton, Flaherty said he will be reminding provincial finance ministers to cut taxes and “drive down the burden they put on business.
“I don’t know any good taxes. I know high taxes,” he said. “We want to reduce taxes in Canada and we think Canadians pay too much tax.”
He’s determined to create one of the most competitive tax environments on the planet, he said, to increase growth and create more high-paying jobs.
During an address yesterday to the Edmonton Chamber of Commerce, Flaherty defended his decision to cut the GST, saying it would benefit the average Albertan.
“The two percentage points mean $390 million each year, every year, permanent, that individuals and families in the great Edmonton area will have to spend as they see fit,” he said. “That can help, as you know, with down payments.”