Toronto Braces for 'Occupy' Protests

By KAREN JOHNSON And CAROLINE VAN HASSELT

TORONTO—Hundreds of protesters are expected to converge on Toronto's financial district Saturday, in demonstrations inspired by the month-old Occupy Wall Street movement in the U.S.

The demonstrations, organized with the help of social media, are part of a groundswell of protests spanning several countries, aimed at drawing attention to the growing disparity between the rich and the poor.

"Income inequality is growing in Canada, as elsewhere," said Kevin Konnyu, a Toronto photographer and Occupy Toronto volunteer. "There's no merit in comparing yourself to the worst countries in the world."

More than 10,000 people have registered online to learn about the protests and Monday's planned march to the Toronto Stock Exchange, Mr. Konnyu said.

"I want a world where people and the planet come before profit and greed, and this requires all of us to participate because it just won't be delivered based on demands alone," he said.

Similar demonstrations are taking place in cities across Canada and across the globe.

"I think that we're different in Canada," said Ted Menzies, Canada's Minister of State, Finance, at a news conference Friday in Toronto.

He feels that high youth unemployment helped precipitate the U.S. protests. The U.S. jobless rate for people age 15-24 was 17.4% in September, compared to 14% in Canada. Both are well below Spain, where the jobless rate for people under 25 stands at 45.7%, and Greece, at 38.5%.

"I don't blame those individuals for being frustrated that they can't find a job," Mr. Menzies said. "I sympathize with their position. I'm not sure I sympathize with the method, but that's their privilege."

One Bay Street trader in Toronto, who asked not to be named, said he found the movement to be "reprehensible."

"The big bad banks? Really? This isn't New York. This isn't Athens. It's not London. It's Toronto. It's a different ball game," the trader said.

In Toronto, where the violence of last year's Group of 20 protests is still fresh, officials are on alert. The banking industry's trade group and the country's biggest lenders have held conference calls with Toronto police and property management companies to prepare for disruptions arising from the Occupy Toronto protests.

"We're still monitoring the situation and talking to police and property managers," said Maura Drew-Lytle, a spokeswoman for the Canadian Bankers Association.

The headquarters of the five biggest banks and the Toronto Stock Exchange are all located within a four-block radius in downtown Toronto.

The banks have business continuity plans to deal with any disruptions, a bank industry spokeswoman said. Plans include beefing up security to working in satellite locations. The banks previously implemented them in 2003 for the SARS virus outbreak and massive blackout in the Northeast, and in 2010 for the G20 protests.

"While we're not expecting disruptions to service at this time, we are prepared to close branches or offices if there are concerns to safety," said Wojtek Dabrowski, a Toronto-Dominion Bank spokesman.

The protests also coincide with Sunday's Scotiabank Toronto Waterfront Marathon. which is expected to draw 22,000 competitors on a course along the waterfront and downtown Toronto. A spokeswoman said there have been discussions about the Occupy Toronto protests, but was unable to provide further details.

A spokesman for the Toronto police said preparations for the protests were under way but declined further comment.