The TD Forum on Canada’s Standard of Living called for a less fragmented securities regulatory system yesterday, among other things.

The forum brought together leaders from business, academia, government, labour, as well as the non-profit sectors to draft a single strategic blueprint for raising Canada’s standard of living above the U.S. within the next 15 years.

“The TD Forum acted as an intersection of diverse ideas and, in turn, provided us with a glimpse of our national aspirations,” said TD’s chairman and CEO Charlie Baillie in a news release. “Canadians clearly recognize the need to measure our standard of living in terms that go beyond the value of economic activity to include matters that are relevant to each and every citizen, such as quality health care, functioning cities, rewarding jobs and a fair and tolerant society.”

> The five common themes that emerged from the TD Forum are:

> Accepting that change is inevitable and recognizing that it can be positive.

> Understanding that the development of human capital starts in infancy and must never stop.

> Realizing that social policy should be an integral part of Canada’s economic strategy, not just a means of redistributing income.

> An understanding that Canada needs to approach its relationship with the U.S. in a broader context, rather than as a series of individual trade disputes.

> Realizing the national economic and social framework needs to be strengthened.

Under the national economic framework, it was noted that existing rules and regulations fragment the domestic market and impair competitiveness. These rules and regulations include inter-provincial trade barriers, multi-jurisdictional securities regulations, non-standardized labour regulations and a lack of standardization for educational and professional certifications.

The forum concluded that a smart harmonized tax and regulatory system is needed to provide the necessary consumer protection without impeding economic growth, as is a shift away from income tax toward consumption taxes.

“The breadth of these themes reflects the fact that there is no ‘magic bullet’ to ensure success. Rather, Canada must excel on many fronts at the same time. This is ambitious, but certainly not beyond our grasp as a nation,” said Baillie. “Once we have collectively put our shoulder to the wheel, we will move this agenda forward with gathering momentum.”