{"id":17113,"date":"2021-12-15T15:23:44","date_gmt":"2021-12-15T15:23:44","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/12\/15\/canada-fall-fiscal-update-economists-and-business-reacts\/"},"modified":"2021-12-15T15:23:44","modified_gmt":"2021-12-15T15:23:44","slug":"canada-fall-fiscal-update-economists-and-business-reacts","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/12\/15\/canada-fall-fiscal-update-economists-and-business-reacts\/","title":{"rendered":"Canada fall fiscal update: Economists and business reacts"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> FP Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> &#8216;While today&#8217;s fiscal news can be characterized as moderately positive, the main message is stay tuned&#8217; <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Bianca Bharti<\/span> <\/div>\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Dec 15, 2021<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">43\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 minute read<\/span> \u00a0\u2022\u00a0 <span>  <span class=\"comment-bubble\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"16\" viewbox=\"0 0 24 24\" width=\"16\"><path d=\"M4,0 C2.93914,0 1.921718,0.421428 1.171572,1.171572 C0.421428,1.921718 0,2.93914 0,4 L0,24 L3.846,20.158 L4,20.16 L20,20.16 C21.0608,20.16 22.0782,19.73858 22.8284,18.98842 C23.5786,18.23828 24,17.22086 24,16.16 L24,4 C24,2.93914 23.5786,1.921718 22.8284,1.171572 C22.0782,0.421428 21.0608,0 20,0 L4,0 Z M2,4 C2,3.46956 2.21072,2.96086 2.58578,2.58578 C2.96086,2.21072 3.46956,2 4,2 L20,2 C20.5304,2 21.0392,2.21072 21.4142,2.58578 C21.7892,2.96086 22,3.46956 22,4 L22,16.16 C22,16.69044 21.7892,17.19914 21.4142,17.57422 C21.0392,17.94928 20.5304,18.16 20,18.16 L4,18.16 L3.048,18.126 L2,19.174 L2,4 Z\"\/><\/svg><\/span> Join the conversation  <\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Members of the media review the Economic and Fiscal Update 2021 document before a news conference in Ottawa, on Tuesday.<\/span> <span class=\"credit\">Photo by David Kawai\/Bloomberg<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Finance Minister Chrystia Freeland\u2019s fall update on the economy revealed government finances are in better shape than previously projected. The statement leaned heavily on the side of an update , announcing few new budgetary measures. The expected deficit is lower than previously forecast in the April budget, dropping from $154.7 billion to $144.5 billion. New budget items include $31 billion on pandemic-related spending over six years and $40 billion on addressing Indigenous issues.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Below is a compilation of economist and business reaction to the update.<\/p>\n<h3><strong>Sri Thanabalasingam, senior economist at Toronto-Dominion Bank, by email:<\/strong><\/h3>\n<p>\u201cThe Canadian economy\u2019s strong rebound from the depths of the health crisis improved federal finances as shown in the economic and fiscal update (EFU). In addition, a robust economic forecast boosts tax revenues, such that the country\u2019s debt burden declines pretty quickly over the next several years. Of course, yesterday\u2019s EFU did not include the full extent of the government\u2019s spending plans, so we\u2019ll likely see some upward revision to the debt-to-GDP ratio come the 2022 Budget. Also worth watching is the evolution of the economic assumptions embedded in the Budget, given the considerable COVID and supply chain related uncertainty surrounding forecasts at the moment.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h3><strong>Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce, by email:<\/strong><\/h3>\n<p>\u201cThis update is exactly that, an update, designed to buy some time ahead of the 2022 budget. The better revenue picture is largely due to a stronger nominal GDP growth due to inflation. That will not last long. It provided the government with some unexpected flexibility regarding new spending. The update is under the fog of COVID and therefore does not provide any real info about some of the government\u2019s big plans on taxation and the environment.\u201d<\/p>\n<h3><strong>Josh Nye, senior economist at Royal Bank of Canada, in a note:<\/strong><\/h3>\n<p>\u201cThe statement hinted the government will use some of its new-found fiscal room (i.e. a debt-to-GDP ratio that\u2019s 4 ppts lower than previously projected) to \u2018support Budget 2022 investments that will help boost long-term growth.\u2019 We\u2019re cautious on that \u2026 point, as we had to look pretty far down the list of campaign promises to find measures specifically targeting growth. \u2026 We think innovation policy, climate and infrastructure funding, IP strategy, tax competitiveness, attracting talent and improving education and lifelong learning can help move the needle on Canada\u2019s sluggish potential GDP growth. Today\u2019s update shows the extent to which a stronger economy can improve the fiscal outlook, which we hope will motivate the government to focus on measures that grow the economy on a sustained basis.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h3><strong>Rebekah Young, director of fiscal and provincial economics at Bank of Nova Scotia, in a note:<\/strong><\/h3>\n<p>\u201cOur read is that today\u2019s update is a pause, not a pivot in the fiscal stance. The minister is likely waiting for inflationary pressures to begin softening \u2014 with any hopes \u2014 in time for a spring budget where a suite of election promises would be rolled out. There is little overlap in today\u2019s $71 billion and the $78billion ($53 billion net) pledged on the campaign trail underpinning the spending bias of this government.\u201d<\/p>\n<div class=\"js-fill-card-detail-desc\">\n<div>\n<div class=\"window-module\">\n<div class=\"u-gutter\">\n<div class=\"editable\">\n<div class=\"description-content js-desc-content\">\n<div class=\"current markeddown hide-on-edit js-desc js-show-with-desc\" dir=\"auto\">\n<h3><strong>Douglas Porter, chief economist; Robert Kavcic, senior economist; and Benjamin Retizes, director of rates and macro strategy at Bank of Montreal, in a note:<\/strong><\/h3>\n<p>\u201cCombined with strong nominal GDP growth, the debt\/GDP ratio is now seen peaking in the current fiscal year at 48 per cent before gradually fading. Previously, this year\u2019s budget had looked for this ratio to only just dip below the 50 per cent threshold by the five-year mark. However, the government apparently plans to stick to its election platform, so next year\u2019s budget will provide a more complete measure of the medium-term fiscal landscape. At that point we will also have a much better bead on the impact of the latest variant, and just how sustained the current run of inflation has proven to be, and the extent to which the Bank of Canada will need to respond. So, while today\u2019s fiscal news can be characterized as moderately positive, the main message is \u2018stay tuned\u2019.\u201d<\/p>\n<h3><strong>Jimmy Jean, chief economist; Mathieu D\u2019Anjou, deputy chief economist; and Benoit P. Durocher, senior economist at Desjardins Securities Inc., in a note:<\/strong><\/h3>\n<p>\u201cThe health emergency that overshadowed the last budget is now giving way to more favourable outlooks, due in large measure to a successful vaccination campaign. This means that the federal government will be able to start focusing on the post-pandemic future. The relative modesty of the new initiatives announced in the update is understandable, as we are in a transition period. There is still naturally a great deal of uncertainty surrounding the pandemic, and caution is required, so we will have to wait for the next budget to find out what the federal government\u2019s truly new policies will bring, reflecting the measures promised in the last election campaign.\u201d<\/p>\n<h3 class=\"p1\"><strong>Warren Lovely, chief rates and public sector strategist; Taylor Schleich, rates strategist; Daren King, economist; and Matthieu Arseneau, deputy chief economist at National Bank Financial, in a note:<\/strong><\/h3>\n<p class=\"p1\">\u201cAs it stands, a non-trivial share of the resulting fiscal \u2018wiggle room\u2019 is being funnelled into new commitments, leaving the current- and future-year deficit trajectory modestly improved vs. budget. There\u2019s a bit of a contrast here with what we\u2019ve recently seen at the provincial level, where the lion\u2019s share of unplanned revenue has been applied directly to the bottom line. Not that we\u2019re all that surprised. And credit the feds for covering a large share of the COVID fiscal bill, lessening the burden on provinces (all else equal).\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<section aria-labelledby=\"moreTopicLabel4771260168731462442239167378808187\" class=\"more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"\n14 of 1089CANADA FREELAND ECO\nChrystia Freeland, Canada's deputy prime minister and finance minister, at a news conference via videoconference in Ottawa, on Tuesday.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/vw1214freeland.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Ottawa knows it has an economic fight on its hands, but action will have to wait <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Condos in the Vancouver area. The fiscal update proposes exemptions to the vacant or underused residential real estate tax in some cases for foreign owners. THE CANADIAN PRESS\/Darryl Dyck\" class=\"lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2021\/12\/NP_CONDO_84587922.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> From business subsidies to housing tax exemptions: Four takeaways from the fiscal update <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The Google Store Chelsea in Manhattan, New York City, on Nov. 17, 2021. \" class=\"lazyload\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/no1214google.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Canada still plans digital services tax; Google disappointed <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Chrystia Freeland, the finance minister, and Tiff Macklem, Bank of Canada governor, made the announcement that the central bank would not change its inflation mandate in a joint statement on Dec. 13.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=96&strip=all&quality=80,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=192&strip=all&quality=80 2x,\n                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/12\/bank-of-canada2-1213.jpg?h=288&strip=all&quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Bank of Canada to keep inflation target as risks mount <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<h3><strong>Goldy Hyder, president and CEO of Business Council of Canada, in a statement:<\/strong><\/h3>\n<p>\u201cWe support the government\u2019s investments in vaccines and rapid tests, as well as targeted support for those most affected. In the coming months, it will be important to preserve fiscal firepower and further reduce the federal deficit as insurance against future emergencies. Now is not the time for fiscal complacency. We are encouraged by the finance minister\u2019s commitment to bring forward, in Budget 2022, measures to strengthen economic growth and competitiveness. In her words, \u2018the best way to maintain strong public finances [is] by keeping our economy strong.\u2019 Any such plan should include significant investments to help the country transition to a low-carbon future.\u201d<\/p>\n<h3><strong>Ben Bergen, director of Canadian Council of Innovators, in a statement:<\/strong><\/h3>\n<p>\u201cOn behalf of CCI\u2019s members, we had hoped to see measures to enhance the pool of highly skilled talent available to domestic technology companies. Our members had also hoped to see early steps on streamlining and modernizing the cornerstone innovation funding program in Canada, the scientific research and experimental development tax credit, which both the government and the official opposition have recently advocated for.\u201d<\/p>\n<p><em>Financial Post<\/em><\/p>\n<p><em>\u2022 Email:\u00a0bbharti@postmedia.com\u00a0| Twitter:\u00a0<a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/biancabharti\" rel=\"nofollow noopener\" target=\"_blank\">biancabharti<\/a><\/em><\/p>\n<p data-async=\"\"><em><strong>Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business, available wherever you get your podcasts. Check out the latest episode below:<\/strong><\/em><\/p>\n<p> <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" id=\"\" src=\"https:\/\/playlist.megaphone.fm?e=POME7128328452\" style=\"--height: 200px; \" width=\"\"><\/iframe> <\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" id=\"ad-acceptable\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"FinancialPostTopStories7314647902470806168290312685564509\" class=\"newsletter-widget fp-headlinenews\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 75w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 100w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 150w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 240w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 320w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 500w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 640w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 800w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1024w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1280w, https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg 1600w\" alt=\"Top Stories Newsletter logo\" class=\"newsletter-widget__logo newsletter-widget__logo--FP_HeadlineNews\" height=\"80\" loading=\"lazy\" fifu-data-src=\"https:\/\/storage.googleapis.com\/pmd-stage-northamerica-northeast1-dcs-static-files\/9.0.1\/websites\/images\/newsletters\/logo\/newsletter-envelope.svg\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories7314647902470806168290312685564509\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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