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Liberal leadership candidate Marc Garneau detailed his economic platorm Wednesday in front of an audience of business leaders in Toronto. (Adrian Wyld/Canadian Press)

Liberal leadership hopeful Marc Garneau unveiled his economic platform today which includes focused tax credits and cuts he says are needed to help the Canadian economy reach its full potential.

Positioning himself as a business-savvy candidate, the Montreal MP says Ottawa needs to tighten tax measures in order to boost innovation and tackle structural weaknesses in the economy.

Garneau told a group of business leaders in Toronto that capital gains taxes should be eliminated for Canadian start-ups, while payroll taxes should be axed for small and mid-sized businesses that invest in employee training.

His plan would also use payroll tax steps to reduce youth unemployment, and get the federal government in the business of making student-like loans to help new Canadians have their foreign credentials recognized.

The platform rollout follows Garneau's pledge Monday to allow greater foreign involvement in the country's wireless market.

The former astronaut contrasted his views with those of the NDP and Conservatives, saying he doesn't believe in less or more government but rather "smart government."