If the Conservative Party gets re-elected this October, it will continue prioritizing low taxes and free trade, Finance Minister Joe Oliver said on Thursday, speaking at a Toronto event organized by Bloomberg.
“As the debt declines and as debt payments decline as a portion of expenditures, there’s more opportunity to provide tax relief and benefits to businesses and Canadian families,” Oliver explained.
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“We will keep driving taxes down for small and larger companies,” he said, adding that his party and the NDP differ greatly on the issue of taxes. “They’re more comfortable with larger government and higher taxes.”
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If re-elected, the Conservative government would also sign more free trade agreements with other countries, Oliver said, adding that the Tories have already increased the number of countries they conduct free trade with from five to 43.
But while the outside world offers great opportunities, it’s also a source of threats. Currently, the biggest challenges to the Canadian economy come from external factors, particularly the ongoing financial troubles in the European Union, Oliver explained.
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“Europe is still the largest economy in the world and they’ve been perilously close to the deflation spiral. I don’t think it’s going to happen but it’s a concern.”
Oliver also expressed concern about Greece’s inability to meet upcoming debt payments amid the vows of its newly elected Left-wing populist government to end years of austerity.
Additionally, Oliver said he’s worried about Russian aggression in Ukraine and Russian sanctions affecting Europe’s economy.