Poloz Q&A: We’re going to factor tax changes when they occur

Poloz takes questions from St John’s, Newfoundland

  • Poloz was asked about the 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 need to be careful that the same level of hiking would have a bigger effect
  • We had a period of high labor force participation, now, the baby-boomers retire
  • About 1.5% is the trend of growth for Canada with the current paradigm, but things like inter-provincial free trade could increase by 0.2-0.3 pp
  • The youth unemployment is this which prevents me from sleeping at night, which can leave scars

He makes the analogy that the economy is like a tree with a crack. It seems to be in good health, and could even repair itself, but if there is a storm, it could be blown.

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