Following is the viewpoint of Devan Mescall, assistant professor of accounting in the Edwards School of Business at the University of Saskatchewan.

Imagine there's no deficit. It's easy if you try. No common phrases such as "credit crunch" or words like "subprime." That was our world in 2007 -a world where the government conceived of the corporate tax cut for 2012.

It was a brilliant idea for the time. It's also an idea supported in a recent report by Jack Mintz and Duanjie Chen, which suggests a further reduction in corporate rates in 2012 will attract additional investment.

However, in the new era of budget deficits, outlandish debts and economic uncertainty, Canada can make itself most attractive to investment by demonstrating fiscal responsibility rather than by cutting taxes.