TORONTO, Nov. 20, 2014 /CNW/ - The Investment Funds Institute of Canada (IFIC) welcomes Assessing the Economic Footprint of Ontario's Funds Industry – a research report released today by the Conference Board of Canada that quantifies the important economic impact of the funds industry in Ontario.
"This report concludes that Ontario's funds industry plays a valuable and significant role in the Ontario economy based on all leading economic measures," noted Joanne De Laurentiis, IFIC's president and CEO. "In addition to its primary purpose – to help Ontarians save to meet their financial goals – the industry is making a significant contribution to the province's employment, GDP and tax revenue."
The last decade has seen much change in Ontario's economy. Since the year 2000, real manufacturing output has been in a near steady state of decline, while sectors such as finance, insurance and real estate have become increasingly important to the province's economic performance.
The Conference Board found that, over this time, the value of mutual funds and ETFs held in Ontario has grown by 90 percent to $489 billion and accounts for 1.8 percent of the total real GDP in the province.
"The industry is proud of its contribution to a strong provincial economy," noted De Laurentiis. "While putting investors' money to work for their own financial security, we are raising capital to finance business growth and innovation for companies – large and small – in the province. We also provide capital to governments in the province through the purchase of provincial and municipal bonds."
"The Conference Board analysis underscore the importance of ensuring that public policies actively support and promote a strong and stable investment sector that promotes individual savings," De Laurentiis added.
Other highlights from the report:
- Ontario's funds industry supported $11.4 billion in real GDP;
- Total jobs in the economy sustained by the funds industry numbered more than 119,000;
- Total tax revenues collected from this economic activity were $2.8 billion, including indirect taxes and corporate and personal income taxes.
The Investment Funds Institute of Canada is the voice of Canada's investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. IFIC is proud to have served Canada's mutual funds industry and its investors for more than 50 years.
Image with caption: "Mutual Fund and ETF Assets Held in Ontario: 90% Growth over the Past Decade (CNW Group/The Investment Funds Institute of Canada)". Image available at: http://photos.newswire.ca/images/download/20141120_C5990_PHOTO_EN_8364.jpg
SOURCE: The Investment Funds Institute of Canada
For further information: Sara Clodman, [email protected], 416-309-2317