Several other Banks and the BoC are saying what we all know intuitively, that low oil prices are bad for Canada. For some bizarre reason the RBC's economist said it will be a slight positive. The RBC theory is that the extra money in consumers' pockets will outweigh the cuts in investment in the oil patch, job losses and lower export proceeds. RBC seems to forget that gas purchases by consumers are consumer spending.
If you hand $500 of that back to every consumer, first of all they won't spend it all. Some will be saved, so consumer spending overall will drop. Further consumer's will spend a lot of that money on things like vacations, electronics, clothes and other consumer items. Much of that money goes out of the country, while most of the cost of gas stays here and goes to the retailer, transporter, refiner, producer and governments.