1 / 6

Canada in the 1980s

Canada in the 1980s. The Mulroney Era. Election Platform. He emphasized change Promised to stimulate the economy Promised to provide jobs, jobs, jobs Pledged to reduce the annual deficit Promised to encourage the growth of private industry

fuller
Download Presentation

Canada in the 1980s

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Canada in the 1980s The Mulroney Era

  2. Election Platform • He emphasized change • Promised to stimulate the economy • Promised to provide jobs, jobs, jobs • Pledged to reduce the annual deficit • Promised to encourage the growth of private industry • Promised to reduce the conflict between the provinces and federal government • To strengthen the Canadian defence role • Promised to improve relations between the USA and Canada

  3. 1984 - 1988 • Economy grew at a faster rate than any other Western country • Industries expanded • Hundreds of thousands of jobs were created • Unemployment dropped to 7% from a national average of 11% • Currently 7.5% as of January 6, 2012 • Annual deficit dropped to %28 billion/ year • Parliament passed laws to support business growth • Reduced taxes on corporations • Investment Canada, replace FIRA (Foreign Investment Review Agency), and actively sought more American investment • “Canada open for business” PM Brian Mulroney at the Economic Club of New York dinner in Manhattan’s Hilton Hotel in the Fall 1984 just after being elected

  4. GST – Goods and Services Tax • A 7% tax on all goods and services • Currently 5% • In Ontario it is part of the HST (Harmonized Sales Tax) introduced July 1, 2010 • Introduced January 1, 1991 • Replaced existing FST of 13.5%, a tax that was built into the price of purchased goods

  5. GST continued • Introduced to stimulate Canada’s economy • Believed the elimination of FST would lower the cost of Canada’s exports • Canadian products would become more competitive and more exports would result. Which would create more jobs. • GST was very unpopular • Unfair tax levied on many basic necessities of life • Why were some goods taxable and some not

  6. Privatization • Defined as transferring a business to private ownership • 1984 Mulroney concerned about Canada’s National Debt • He wanted to reduce government involvement in the economy and to give the provinces more power over their jurisdiction • Private crown corporations – companies that were owned by the federal government • Sold Petro Canada and Air Canada • Canada’s business sector began providing services that once were the responsibility of the federal government

More Related