The not-for-profit research organization in Ottawa said the election that pits the two presidential candidates and their widely differing economic policies affects Ontario "almost as much as it does to Americans themselves."
The province's manufacturing industries rely heavily on cross-border trade, which the board said makes it very vulnerable to U.S. policy.
"Ontario's trade has been too dependent on large firms, on intra-firm trade and on manufacturing -- especially the auto industry," the report said. "Ontario firms large and small should be prepared to explore international business opportunities beyond the U.S. market, since the provincial economy needs to diversify its commercial base."
While Canada remains the United States' largest trading partner, the country was only mentioned twice in the presidential debates between Democratic President Barack Obama and Republican challenger, former Massachusetts Gov. Mitt Romney.