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OTTAWA (Reuters) - Substantial tax cuts introduced in October will help bolster confidence and sustain economic growth in Canada, a senior finance department official said on Monday.
Briefing reporters ahead of the February 9 meeting of G7 economic powers in Tokyo, he said the Canadian government had anticipated upcoming economic turmoil when it implemented reductions in corporate, personal and sales taxes. He said Canada is in a good position to weather a global slowdown.
Finance Minister Jim Flaherty has said Canadians should not expect a U.S.-style stimulus package when he introduces his budget later this month or early in March.
Reporting by Louise Egan; Writing by Randall Palmer; Editing by Peter Galloway