Ontario Budget makes tough choices to meet fiscal restraint targets: TFSA

TORONTO, March 27, 2012 /CNW/ - The Ontario government today laid out its proposed path to a balanced budget by 2017-18.  "To get there, the government is making some tough but necessary choices," said Janet Ecker, President, Toronto Financial Services Alliance (TFSA).   "And while we have questions about some of the individual items, we strongly support their efforts to eliminate the deficit. It is an important step for Ontario's future economic growth and will help support continued growth of financial service jobs in the province.

"We understand the government's fiscal and political challenges in achieving a balanced budget and that it requires a concerted effort by all sectors. And while we respect their choices, we are disappointed the planned corporate and education tax reductions are being delayed," she said.

The TFSA supports the government's efforts at further pension reform in the public sector, noting that Ontario can offer the expertise of some of the strongest pension funds in the world.

The TFSA also expressed support for the government's plan to review the roughly $2 billion spent each year on support to businesses, including targeted tax expenditures. "Efforts must be focused on those sectors with the strongest potential for job growth" she said.

About the Toronto Financial Services Alliance

The Toronto Financial Services Alliance is a public/private initiative whose mandate is to enhance and promote the long-term competitiveness of Toronto as a premier global financial centre. Its membership encompasses core financial services companies - banks, brokerages, investment fund managers, insurance companies - as well as partner sectors - accounting, law and education.  The TFSA was created in 2001 by the financial services industry, in partnership with the City of Toronto and now has the support of the federal and provincial governments. For more information, please visit www.tfsa.ca.

Brian Smith
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