With its high wages, lack of pollution, and long-term nature, it's no surprise that the financial services sector is appealing to governments all over the world. Cities and regions from Dubai to Dublin are fighting to persuade financial corporations to relocate. Ontario has had more luck than most in this race. To begin with, it is a secure, livable, and efficient city. Furthermore, it has a long history of serving as a financial and commercial centre for both Canada and, in certain cases, the rest of the globe. Its location at the core of a thriving national economy makes it an ideal location for businesses and the bankers who support them.
Few would dispute that Ontario's financial services cluster is a failure, yet the city's banks are thriving, and its insurance businesses are among the best in the world, indicating the city's success.
Without a question, Ontario's financial services industry has demonstrated its strength and promise over time. With an established track record of resiliency, it's no wonder that Ontario's banking industry is one of the country's most important economic contributors. The financial industry in Ontario directly produces around 20% of all jobs in the province. It also provides approximately 37,000 jobs in the province, giving those seeking Canadian immigration through the Ontario immigrant nominee program a bright future.
Toronto has the second-largest financial sector in North America by direct employment and financial services industry. It is also one of Ontario's significant contributors to GDP. In recent years, Toronto has positioned itself as a pioneer in offering best-of-breed global financial services. It also ranks in the top ten international financial hubs globally, according to The Banker and the Global Financial Centres Index. In addition, the finance industry contributes $63 billion in GDP and employs over 365,000 people across 12,000 financial services organizations.
The Financial Services Sector and the Business Sector Strategy of Ontario
With the beginning of the roundtable discussion on financial services sector strategy, October 15, 2012, at the Ontario Investment and Trade Centre, the policymakers put together a plan to revive Ontario’s financial sector. Members of Toronto's financial services industry, senior political staff, assistant deputy ministers, deputy ministers, and employees from the Ministries of Finance, Economic Development and Innovation, and the Financial Services Commission of Ontario, all were present at this roundtable meeting.
This meeting stressed the importance of the financial services sector to the Ontario economy and the necessity for a strong connection with the government to assist build this sector and make it a worldwide leader in his opening remarks. The policymakers, together with other government representatives, enthusiastically reviewed the TFSA's five goals and vowed to find a feasible solution within 60 days.
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On December 18, 2012, Minister Duguid, TFSA representatives, and members of the government reconvened to examine the work that had been completed over the previous two months. "The findings given up by the government reflect a commitment from the province in strengthening our financial services business," said Janet Ecker, President and CEO of the TFSA at that time. He further added that the outcomes of this discussion will boost our sector's continued partnership with the government."
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When skilled professionals immigrate to Canada, Ontario has a lot to offer them. Ontario's steady economy may be of great advantage to people who choose to live, work, and study in this province. In addition, because of the correct balance of recognised financial organisations, financial stability, and a solid banking system, Ontario is an excellent location for qualified financial personnel searching for a bright future. These factors will further help the Canadian government to focus on its immigration targets while boosting Ontario immigration in particular.
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