Projects 2010/2011
Suzanne von der Porten, Derek Dunfield, Scott Robertson, Tiara Létourneau, Kulvir Gill, Samir Sinha
Advisor: Rae Hull
View report [PDF] »
View task force website »
Since 2008 the world has witnessed significant volatility and strain on the financial sector. Canada has not only weathered the storm, but emerged as a good example of fiscal responsibility. However, the stability of our banks, businesses and government is not reflected in the balance sheets of individual Canadians. Household debt has increased rapidly in Canada over the last 20 years and has outpaced the country‘s economic growth since 2003. Today, with Canada‘s total household debt exceeding $1.5 trillion – three times the national debt – Canada faces unprecedented financial vulnerability, threatening both individual and national economic well-being.
The Action Canada Task Force on Household Debt proposes two broad solutions that will influence Canadians to make better borrowing decisions.
First, a Code of Conduct on Lending for credit providers and insurers needs to be developed by the Canadian government in collaboration with the financial institutions and other relevant stakeholders. This code would enforce practices geared to decrease borrowers‘ financial vulnerability associated with high levels of household debt and ensure that borrowers understand potential risks associated with mortgage and consumer debt.
Second, an organized effort must be launched to increase awareness among Canadians about household debt, encourage them to reduce their current levels of debt and promote savings for improved long-term financial security. This includes a national public awareness campaign, improved financial literacy programs, and the promotion of self-monitoring options. Debt councillors, financial institutions, educational institutions and government agencies must all be involved in developing these programs.
Task Force on Building a Global Network of Canadians Abroad
François Vincent, Kyle Hill, Adam Goldenberg, Mark Podlasly, Erin Spink, Phillippe Ouellette
Advisor: Antonia Maioni
Nearly three million Canadians live and work abroad. Many of them are highly educated, highly skilled, and highly connected. They are a vast untapped resource for trade promotion and export development. Transformations in the global economy – and Canada‘s place in it – make it more important than ever to consider the role of expatriates in the Canadian economy.
Canada is now facing our deepest trade deficits in three decades. In emerging giants like China and India, our share of the import market has not kept pace with economic growth – or with our competitors. Canadians live and work in these countries. They have personal and professional networks that could benefit Canadian businesses seeking a toehold overseas. How can we, as a country, make better use of Canada‘s talent abroad?
Our Task Force proposal begins to answer that question. We propose an international business network for Canada, to connect successful, well-placed Canadian expats with Canadian businesses, for mutual benefit. Other jurisdictions – including Australia, Chile and Scotland – have built powerful networks of their citizens abroad, which they use to expand trade and investment opportunities, enhance business development, and advance their interests. Canada should do the same.
Task Force on A National Strategy for High Growth Entrepreneurship
Shannon Wells, Terry Beech, Geordie Hungerford, Brenna Donoghue, Ali Okhowat
Advisor: Malcolm Rowe
View executive summary [PDF] »
View report [PDF] »
Hyper-growth companies – like Research in Motion – have the financial scale and significance to transform Canada‘s economy. They contribute disproportionately to new job creation, GDP growth and global competitiveness. While the rate of creation of new firms in Canada is relatively high, too few ever reach the scale of a gazelle. Notably, Canada‘s high-tech companies underperform despite heavy public investment – among the highest in the OECD countries – in research and development (R&D). Why has Canada struggled to turn small R&D firms into global gazelles?
Our Action Canada task force has connected with leading entrepreneurs, venture capitalists, angel investors, academics and policymakers to find the answer. Through our consultations, we have discovered that Canada is lacking in two key inputs to a successful gazelle ecosystem: technology-savvy investors and business-savvy technologists – or, in other words – smart money (the experience and connectedness of early stage financiers) and – smart management (the skills and adoption of operational systems among our R&D entrepreneurs). Our final report will recommend innovative policies to improve Canada‘s stock of these inputs and create a more favourable environment in which gazelles can thrive.
