FINA Committee Report

On June 10, 2009, the House of Commons Standing Committee on Finance (hereafter, the Committee) invited Canadians to participate in its annual pre-budget consultations. These consultations took place as the nation’s economy was beginning to recover from the global financial and economic crisis, but following financial turbulence and economic difficulties worldwide that were unprecedented in recent history.

In response, a variety of fiscal and monetary stimulus measures were implemented by governments, central banks and other agencies around the world. At this point in time, while the extent to which these measures have been effective is not entirely clear, what is clear is that the global economic difficulties have affected, and continue to affect, our nation. To ensure continued economic recovery for Canadians and Canadian businesses going forward, decisions must be made about the measures needed to ensure a prosperous and sustainable future.

It was within this context that Canadians were asked to share their views with the Committee on the following questions:

1. What federal tax and program spending measures are needed to ensure prosperity and a sustainable future for Canadians from an economic, social and/or environmental perspective?
2. What federal stimulus measures have been effective and how might relatively ineffective measures be changed to ensure that they have the intended effects?

During public hearings in Ottawa, Vancouver, Edmonton, Yellowknife, Summerside, Quebec City, Regina, Winnipeg and Toronto, and in written briefs submitted to us, the Committee was privileged to receive input from almost 450 groups and individuals, who shared their views on the two questions posed by us but also on a range of other issues. As always, our deliberations about recommendations have been informed by the thoughtful suggestions made across the nation.

In reviewing the recommendations and suggestions made by witnesses, it is clear that most are designed with a view to ensuring that our people, our businesses and our communities are “positioned” for the future, and that policy changes are made with a view to putting in place the right tools—programs, policies and other measures—to provide Canadians, Canadian businesses and Canadian communities with a prosperous and sustainable future.

Consequently, this report summarizes the suggestions made by witnesses about the “positioning” of our people in Chapter 2, of our businesses in Chapter 3 and of our communities in Chapter 4. Because the decisions made today are affected by the economic and fiscal context in which Canada currently finds itself, the report begins with a brief examination of that topic in Chapter 1.