Over 60% of Canadians concerned about U.S. fiscal cliff’s impact here: study

A majority of Canadians are worried that the United States fiscal cliff could hurt Canada’s economy, according to a recent survey.

A Sun Life Financial-commissioned Ipsos Reid study suggests 63% of Canadians are concerned about the fiscal cliff, or the “unprecedented predicament created by a package of tax increases and spending cuts that could be implemented in the U.S. in the new year.”

In Ontario, 70% said they were concerned about the effects of the U.S. fiscal cliff on the Canadian economy — the highest rate of concern in the country, according to the study.

The survey results also suggest that 54% Canadians are not better off financially than they were a year ago.

“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,” Sadiq S. Adatia, chief investment officer at Sun Life Global Investments noted in a company statement.

Other survey highlights include:

• 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%).
• 60% of Ontarians and 57% of Atlantic Canadians say they are not better off financially than they were a year ago. The national average is 54%.

The “Annual Check-Up Survey” polled 1,277 respondents in late November about financial issues.