Canada's Prime Minister Stephen Harper mourned the death of former British prime minister Margaret Thatcher, who died Monday following a stroke at the age of 87.

Harper said in the statement that with the passing of Baroness Thatcher, the world has lost "a giant among leaders."

"While many in positions of power are defined by the times in which they govern, Margaret Thatcher had that rarest of abilities to herself personify and define the age in which she served," he said. "Indeed, with the success of her economic policies, she defined contemporary conservatism itself."

Harper appreciated Thatcher's achievements on the world stage, adding that the era of peace and prosperity that followed the end of the Cold War must therefore rank as one of her great and lasting gifts to this generation.

"She well deserved to be known as 'The Iron Lady'," he added.

Thatcher was Conservative prime minister from 1979 to 1990, the first woman to hold the post and so far the only one.

She will not have a state funeral but will be accorded the same status as Princess Diana and the Queen Mother with full military honors that will take place at London's St Paul's Cathedral.