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ARTICLE · 27 JANUARY 2009

Canada Tax: 2008 In Review

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The Canadian economy was impacted in 2008 by the global economic crisis. Canadian stock markets and the Canadian dollar experienced severe volatility, influenced by swings in commodity prices (including particularly the price of oil).

CanadaTax
BLG'S National Tax Group
BLG'S National Tax Group
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The Canadian economy was impacted in 2008 by the global economic crisis. Canadian stock markets and the Canadian dollar experienced severe volatility, influenced by swings in commodity prices (including particularly the price of oil). Canada's economic growth has also stalled (due in part to Canada's dependence on the ailing US auto industry but also to the fact that key exports from Canada are sensitive to the impact of reduced consumer demand in the US and globally).

The Canadian banking system is subject to strict regulation and capitalization requirements and fared relatively well in 2008 compared to financial institutions in other countries. Nevertheless, global market conditions have contributed to a significant reduction in liquidity and tightening of access to credit.

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