The departure of Canada’s money man isn’t fazing some financial advisors.
Jim Flaherty – one of Canada’s longest serving finance ministers, who saw Canada through the 2008-09 recession – announced his resignation Tuesday, citing a desire to return to the private sector, after eight years holding the post.
“I’m disappointed … however, I can understand that having served the length of time that he has served, Flaherty would probably like to leave and move back to the private sector where he can have a different lifestyle,” said advisor, Doug McCaw, managing director of Stonegate Private Counsel. “Being a finance minister has an awful lot of demands … and I think that he probably has the opportunity to embellish his retirement by moving out of government.”
Ontario advisor, Marta Stiteler agrees, but doesn’t feel the news
will affect the way she conducts business. “I think it’s unfortunate, but people come and go and he has had some health issues,” she says. “I think it’s an interesting piece of news, but it doesn’t affect me in my business.”
In addition to creating Tax Free Savings Accounts (TFSAs) and Registered Disability Savings Plans (RDSPs), Flaherty was also behind the proposed creation of a national securities regulator for the finance industry – pushing the issue up to the Supreme Court of Canada. Denied by the court, he bid for a cooperative regulator which, if approved, would launch in 2015. So far, only Ontario and B.C. have agreed to sign on.
“I am a strong advocate of a national securities commission and a national regulatory body,” said McCaw. “It wouldn’t be an issue to me. I think it’s long overdue in Canada.” (continued.)