Federal budget focussed on Canada’s economic recovery and long-term competitiveness: Canadian Bankers Association

For Immediate Release

TORONTO, ONTARIO, June 6, 2011 – The Canadian Bankers Association (CBA) today welcomed the tabling of the federal budget and the federal government’s continued commitment to strengthening our economy and maintaining Canada’s financial sector advantage internationally for the benefit of all Canadians.

“We were pleased to see that the federal government remains committed to the measures from the March 2011 budget and that the government continues to recognize that our sound banking system plays an important role in Canada’s economic recovery,” said Terry Campbell, President and Chief Executive Officer of the Canadian Bankers Association.  “The CBA will continue to work with the government as it moves forward with pooled retirement pension plans and with a Canadian Securities Regulator, two measures in the federal budget that will benefit Canadians and the Canadian economy.”

Key Budget Measures

Among the measures highlighted by the CBA are:

• Government working towards establishing pooled retirement pension plans (PRPPs) – PRPPs will give all working Canadians the benefits of professionally-managed pension plans, and will be particularly beneficial to the self-employed and employees of small businesses.
• Commitment remains strong to a Canadian Securities Regulator – A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets.
• Continued steps to improve financial literacy – A strong national economy is built on the foundation of a financially literate population.  

The CBA applauds the federal government for maintaining the corporate income tax cuts.  It is important that businesses small and large are able to create new jobs, increase investment and boost productivity.  

The Canadian Bankers Association works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions. 

Follow the CBA on Twitter: @CdnBankers

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca