Business

Flaherty nixes idea of CMHC sale

Finance Minister Jim Flaherty on Monday threw cold water on a report that Ottawa is considering the privatization of Canada Mortgage and Housing Corp.

Finance Minister Jim Flaherty threw cold water Monday on a report that Ottawa is considering the privatization of Canada Mortgage and Housing Corp.

"It's news to me," Flaherty told reporters in Ottawa following a speech at the Canadian Institute of Chartered Accountants tax symposium.

In a report published Monday, the Globe and Mail, citing anonymous sources, said the federal government is weighing selling off CMHC's mortgage insurance and securitization businesses.

In addition to mortgage insurance and securitization, CMHC also plays roles in fostering affordable housing and aboriginal housing.

During his speech, Flaherty also said he is looking at more tax cuts for his second budget.

"We'd like to reduce all taxes. It's an overall tax package. We have to make some choices about timing and making sure we keep the budget balanced," he said.

The federal Conservatives are also expected to lay out their economic strategy in the next few weeks, Flaherty said.

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