Toronto Board of Trade

Toronto Board of Trade

April 11, 2005 13:30 ET

Solve The Fiscal Gap, Not The Symptoms

Open letter from Board of Trade urges Minister Volpe to tackle big picture Attention: Business/Financial Editor, City Editor, News Editor, Government/Political Affairs Editor TORONTO, ONTARIO--(CCNMatthews - April 11, 2005) - In an open letter to Immigration Minister Joe Volpe, the Toronto Board of Trade warns the political minister for Toronto that a one-time bailout of the province won't be enough to resolve the fiscal gap issue.

"More talk or even short-term action just won't cut it," says Board President Glen Grunwald, "What we need is for the federal government to admit the $23 billion gap exists, acknowledge that it hurts the city and the province, and start working with the other levels of government to re-balance the scales."

Grunwald says the huge gap between tax money paid to Ottawa and the federal government's re-investments is driving up provincial and municipal taxes and leaving Toronto short of the funds it needs for public transit, affordable housing, waterfront development and other priorities.

"Minister Volpe, as the government's lead minister for Toronto, has an opportunity here to be the champion of the city, its people and its economy," says Grunwald, "He can show us that he is Toronto's man in Ottawa, not Ottawa's man in Toronto."

The Board's letter welcomes reports of meetings between Volpe and Ontario's Finance Minister, adding, "Talks are encouraging, but action is needed. Most importantly, it must be action on the bigger issue."

The full text of the letter, sent to the Minister, the federal Liberal caucus in Toronto and Prime Minister Paul Martin, is posted on the Board of Trade's website at

The Toronto Board of Trade is the champion of a competitive and vibrant Toronto with a mandate to serve, represent and unite the city's business community. Founded in 1845, the non-profit organization now boasts nearly 10,000 members, including businesses of every size and type, and operates at four locations across Toronto. Further information about Board events, policies, advocacy and products is available on its website at

/For further information: IN: ECONOMY, FINANCE, POLITICS

Contact Information

  • Glen Stone, Public Affairs Manager
    Primary Phone: 416-862-4565