Canada has leaped to the No. 2 spot on a world ranking of the best business environments, according to a new survey by Bloomberg.
Bloomberg’s third annual Best Countries for Business, which provides an analysis of the world’s most attractive countries for business, ranks Canada behind only Hong Kong and one notch above the US. Canada ranked sixth in 2012.
Canada’s place on the 2014 list is likely due in large part to its banking system, which has been considered the world’s soundest for six straight years by the World Economic Forum.
Canadian Finance Minister Jim Flaherty said he was “delighted” to see Canada rise to second place on the survey. “This should come as no surprise, however, given KPMG’s conclusion that Canada’s total business tax costs are the lowest in the G-7, and more than 40 per cent lower than those in the United States,” he said. “This is further international recognition that our government’s low-tax plan for jobs and growth is a sound economic formula.”
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