It has been well documented how Canada was the only one of the major industrialized countries which didn’t suffer a banking crisis. In fact, the British were so impressed at the way things were run there that they head-hunted Canada’s top central banker, Mark Carney, and put him in charge of the Bank of England. While the recession which followed the financial crisis didn’t leave Canada unblemished, and much was spent in stimulating the economy, requiring the federal Government to run a deficit, Canada still managed to cut its corporate tax to the lowest level in the G8. Now it expects to achieve a balanced budget in 2015/16, having recorded a budget surplus in November 2014. There is one worry for the Government though: oil. Canada is a major producer of oil and natural gas, and like any other nation, … Read More »