The Investment Industry Association of Canada (IIAC) commends the Ontario government for delivering a budget that invests in infrastructure, skills, knowledge, innovation and partnerships to foster Ontario’s competitiveness in the global marketplace.

“Essential components of the province’s budget were the measures to reduce the tax and regulatory burden on provincial business,” says Ian Russell, president and CEO, IIAC.

While disappointed that the province failed to accelerate the full elimination of the capital tax or reduce corporate taxes more broadly, the IIAC was pleased to see reductions in the net debt- and deficit-to-GDP ratios, which should provide the government with greater flexibility in future periods.

Concluded Russell, “We are also pleased the province recognized the significant contributions of the financial services industry to Ontario’s growth and look forward to the steps that will be taken to increase the competitive position of Ontario’s securities markets. With over half of Canada’s securities dealers headquartered in the province, we look forward to working with the Ontario government to build on the province’s success in meeting and surpassing the changing needs of investors and businesses.”