WORKING TOGETHER FOR A COMPETITIVE ONTARIO

Turbulence in Ontario’s economy has policymakers focused on near-term measures, such as stimulus spending and tax relief.  As important as these are, we can’t lose sight of the steps we must take to ensure our long-term competitiveness when stability returns.

As Ontario Chartered Accountants, ensuring the competitiveness of our province is what we’re all about.

Here, we hope to provoke debate on a piece of “the competitiveness puzzle” that’s important in both recession and recovery: financial services – and especially, the professionals who keep this vital sector properly regulated and accountable. There are three issues that we, as Canada’s leading finance and accounting professionals, believe are critical to our province’s competitiveness for the long-haul. We hope you’ll take a moment to learn more.

THE LEGAL
ENVIRONMENT

Our current legal liability system threatens to drive good people out of key financial services and makes it harder for businesses to access capital, innovate, create jobs and compete. In an increasingly globalized environment, can Canada afford to risk driving vital financial services work to other international jurisdictions?

INTERNATIONALLY TRAINED

Too many skilled new arrivals to Ontario either don’t know what they need to do to pursue their chosen profession here, or lack the support they need to re-enter their field. But best practices to integrate newcomers in financial services do exist and are proven to work. That's important because immigrants are vital to Canada's economic future.

PROFESSIONAL STANDARDS

Our financial professionals should meet the most stringent qualification requirements. But legislation governing public accounting, for example, is a patchwork quilt across Canada, ranging from internationally recognized high standards in some provinces to lower or no standards in others. We can’t afford a “race to the bottom” in qualifications and skills.