Paul Martin's Business Update - March 5th, 2014

Paul Martin's Business Update - March 5th, 2014

The falling Canadian dollar is starting to have an impact on our travel plans.

When the Canuck buck declines – and its gone down about 10 or 11 per cent against its US counterpart in the past couple of months – it costs more to travel outside the country.

And a new survey by BMO insurance, an arm of Bank of Montreal, shows that a big percentage of us having changed our travel plans. This is especially true here in Saskatchewan.

On a national basis, 42 per cent of the respondents said they were less likely to travel abroad because of the dollar’s decline. In Saskatchewan that figure rose to 48 per cent, tops in the nation. But this doesn’t mean we’re going to stop travelling. Instead, we’re going to see more of Canada with nearly three-quarters of the survey’s participants offering up this alternative.

Currency fluctuations are one of those double-edged swords. For exporters and those selling to foreigners such as tourist operators here, a softer Canadian dollar can help but for those looking to travel outside the country, it can be a deterrent.

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