Institute Of Chartered Accountants Of Ontario

Institute Of Chartered Accountants Of Ontario

March 08, 2010 15:53 ET

Ontario CAs Applaud Provincial Support For The Financial Services Industry

Throne Speech builds on Ontario’s strength as an adaptive economy

TORONTO, ONTARIO--(Marketwire - March 8, 2010) -

Attention: News/political/business editors/reporters

In today's Throne Speech, the Ontario government committed to a strategy to help the Greater Toronto Area's growing and internationally respected financial services sector compete even more effectively on the international stage. The Institute of Chartered Accountants of Ontario fully supports the measures announced by the government to build on one of our province's major strengths.

"Ontario CAs play a vital role in financial services, both in senior corporate positions and as leaders in audit and assurance services, banking, insurance, tax advisory and financial planning," said Institute President and CEO Rod Barr, FCA. "We're delighted that through today's Throne Speech, the McGuinty government recognizes and supports our critical financial services industry."

Barr said that attracting growth depends on having a leadership position in key areas of economic activity: "Ontario's strength has always been its ability to adapt in this way. Over the past century we have evolved from a resource powerhouse to a manufacturing dynamo. Now we need to accelerate our drive into service and knowledge sectors for the 21st century.

"We're pleased to see that the Throne Speech maps out this direction – especially in financial services where we are already significant players – and in green technologies, new resource opportunities and attracting the best foreign students. These will also be important in offsetting losses sustained in other areas during the recession."

Barr noted that the GTA is already North America's third largest financial centre with 350,000 people working in key industries such as accounting, banking and insurance. According to the Toronto Financial Services Alliance (TFSA), the financial services sector leads all other service producing sectors, contributing 12 per cent to the region's Gross Domestic Product.

"As a member of the Alliance, the Institute is a strong supporter of the TFSA's goal of enhancing the competitiveness of our financial services sector, Barr said. "We need to further strengthen this key economic sector, which provides great career opportunities across Ontario." 

About the Institute of Chartered Accountants of Ontario:

The Institute of Chartered Accountants of Ontario is the qualifying and regulatory body of Ontario's 33,000 Chartered Accountants and 5,000 CA students. Since 1879, the Institute has protected the public interest through the CA profession's internationally recognized standards of qualification and the enforcement of its rules of professional conduct. Ontario CAs contribute greatly to international and domestic investor confidence in the soundness of the Ontario and Canadian economies. The Institute's website is: and the student website is

For more information or to arrange to speak to Mr. Barr, please contact:
Perry Jensen
The Institute of Chartered Accountants of Ontario
416-969-4271 or 1-800-387-0735 ext. 271
Mobile 416-508-4798

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