Toronto’s financial services industry has a golden opportunity to play a starring role in Ontario’s economic renaissance if it champions a proposed strategy to create up to 40,000 jobs over the next five years, says a new report.

The report, entitled Partnership and Action: Mobilizing Toronto’s Financial Sector for Global Advantage, argues the world’s financial industry remains in flux, meaning the time is ripe for the Toronto region to bolster its competitiveness to become one of the world’s top 10 financial hubs.

By doing so, the sector will not only create an additional 25,000 to 40,000 direct and indirect jobs, but it will also generate an extra $4 billion to $5 billion in annual GDP over five years. The sector now contributes about $30 billion per year in direct GDP in the Toronto region.

The report was authored by the Boston Consulting Group for the Toronto Financial Services Working Group, which is co-chaired by Janet Ecker, president of the Toronto Financial Services Alliance, and Don Drummond, chief economist for TD Bank Financial Group.

Ontario has already vowed to raise Toronto’s global profile. Nonetheless, the city recently slipped to 13th place from 11th in the latest Global Financial Centres Index.