Poloz Q&A: We will factor in tax changes when they occur

Poloz takes questions in St John’s, Newfoundland

  • Poloz was asked about tax changes the gov’t is floating
  • Household debt is our number one risk
  • With a high-level of household debt, Canada is not well prepared for any shock
  • We have to be cautious that the same level of hikes would have more of an effect
  • We’ve had a period of high labor force participation, now baby boomers are retiring
  • About 1.5% is trend growth for Canada with current paradigm, but things like inter-provincial free trade could boost it 0.2-0.3 pp
  • Youth unemployment is what keeps me up at night, that can leave scars

He made the analogy that the economy is like a tree with a crack. It looks healthy, and could even mend itself, but if there is a storm it could be blown over.

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