Toronto Financial Services Alliance reassured Provincial Budget expects to meet deficit target plan; but concerned new ORPP will have significant unintended consequences

TORONTO, April 23, 2015 /CNW/ - The Ontario Government announced today in its budget that it will maintain its plan to balance the budget by 2017-18. The Toronto Financial Services Alliance (TFSA) welcomes the deficit target plan and the Province's continued investment in infrastructure, but continues to have significant concerns for the proposed Ontario Retirement Pension Plan (ORPP).

President and CEO of the Toronto Financial Services Alliance, Janet Ecker said that "Almost two million Ontarians already benefit from workplace retirement savings plans and the proposed final design of the ORPP undermines these existing plans. Many Ontario employers already have generous plans and will be unable to afford the additional costs the ORPP will have on their businesses."

The TFSA welcomes the government's $130 billion investment in infrastructure projects over the next 10 years. "This continued commitment to invest in infrastructure positively impacts Toronto's increasing success as a growing international financial centre," said Ecker.

The TFSA applauds Ontario's involvement in establishing Canada as the first trading hub in the Americas for the Chinese currency, the renminbi (RMB). Ontario's continued commitment to a Cooperative Capital Markets Regulatory System is also very welcome.

The budget noted the importance of Ontario's financial services sector as it is the Province's second-largest sector after manufacturing, based on output. In 2014 the sector created jobs almost twice as fast as the overall Ontario economy.

About the TFSA:

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 top ten global financial services 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. With the federal and provincial governments now joining the partnership, TFSA has created the Global Risk Institute in Financial Services to leverage the sector's reputation in risk management and the Centre of Excellence in Financial Services Education to capitalize on the region's talent advantage. For more information, please check our website at www.tfsa.ca.

SOURCE Toronto Financial Services Alliance

Marta Andradzka, [email protected]