Canadian Bankers Association

Canadian Bankers Association

February 26, 2008 17:38 ET

Federal Budget Prudent for Today's Economic Conditions-Canadian Bankers Association

TORONTO, ONTARIO--(Marketwire - Feb. 26, 2008) - The 2008 federal budget is appropriate for the current economic environment and will help retain Canada's strong economic position for the future, stated the Canadian Bankers Association today.

"The government continues to take steps to establish a solid financial foundation that will allow Canada to generate further economic growth and remain competitive in the global economy," said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association (CBA).

Regarding the Tax Free Savings Account announced in the budget, Ms. Hughes Anthony said: "Anything that encourages Canadians to save is a good measure. We're looking forward to working with the government to implement this savings vehicle."

The CBA acknowledged that the federal government has made important and very welcome progress towards achieving a competitive economy through the corporate tax reductions announced in the 2007 Economic Statement, the elimination of the withholding tax in the Canada-U.S. Tax Treaty and the formation of the Competition Policy Review Panel.

At the same time, the rest of the world is not standing still. The CBA encouraged the government to commit to regular benchmarking of Canada's tax environment against the G7 and the OECD to ensure that Canada is gaining ground relative to its international competitors and to take corrective action if our tax competitiveness begins to erode.

The Canadian Bankers Association works on behalf of 54 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 249,000 employees to advocate for efficient and effective public policies governing banks and to promote an understanding of the banking industry and its importance to Canadians and the Canadian economy.

Contact Information

  • Canadian Bankers Association
    Melanie Minos
    (416) 362-6093, ext. 220 or Cell: (416) 587-7733