stocks and investing

Liberal Opposition Forces Flaherty Flip-Flop

OTTAWA - Following weeks of pressure from the Liberal Opposition, Minister of Finance Jim Flaherty has finally reversed himself on a policy that threatened to undermine our businesses on the global stage, open them up to foreign takeover, and cost us jobs at home, Liberal Finance Critic John McCallum said today. "We are happy to see the Minister has seen the Liberal light on this issue and, for once, bowed to reason," said Mr. McCallum. "This is a complete reversal of an ill-conceived budget measure that would have seriously compromised the ability of Canadian multinationals to compete on the world stage, and that would have hurt us at home by putting thousands of jobs at risk." The Minister announced this morning that interest deductibility would be preserved for Canadian companies investing abroad, and that the policy would now target so-called "double-dippers" - those companies that claim the same deduction in multiple jurisdictions.