Sixty-three percent of Canadians are concerned that Canada’s economy will be hurt by the impact of the U.S. fiscal cliff (an unprecedented predicament created by a package of tax increases and spending cuts that could be implemented in the U.S. in the new year), Sun Life’s Annual Check-up Survey has found.
“Along with high debt levels and a slowing real estate market in Canada, the fiscal cliff situation in the U.S. is giving Canadians another reason to worry about the Canadian economy,” said Sadiq S. Adatia, chief investment officer with Sun Life Global Investments.
Regional survey highlights
- Ontarians (31%) and Quebecers (28%) are more likely to be pessimistic about the Canadian economy in 2013. They were the only provinces above the national average (26%).
- Ontarians (70%) are the most concerned about the effects of the U.S. fiscal cliff on the Canadian economy.
- Ontarians (60%) and Atlantic Canadians (57%) say they are not better off financially than they were a year ago. The national average is 54%.
The survey, commissioned by Sun Life to Ipsos Reid, polled 1,277 respondents examining how Canadians feel about personal finances and the economy at the end of this year.