While the drop in oil prices has affected the Canadian economy, it hasn't had a devastating impact, Canada's finance minister, Joe Oliver, said Wednesday.
Energy represents about 19 percent of the Canadian economy and 1.8 million jobs.
"Because we have a diversified economy, it isn't a devastating impact but it certainly made my budget more challenging when I attempted and succeeded in balancing it," Oliver said in an interview with "Power Lunch."
While the collapse in prices impacted the country's fiscal framework because it is an energy exporter, there were also some positive effects, he added.
"It reduces the cost of gasoline at the pump, which is good for consumers for savings, and it helps manufacturing companies and the transport sector because it reduces the cost of energy," he noted.
Canadian oil and tar sands companies, on the other hand, felt some pain.
"There's no question that it has impacted a number of rigs and employment in that sector, but it's bounced off the bottom," said Oliver.