Canada Targets $1 Trillion in New Investment Amid Tax Policy Shifts
Prime Minister Mark Carney is hosting Canada's first-ever national investment summit in Toronto, aiming to attract $1 trillion in new investment over the next five years.
The summit saw several major announcements, including changes to federal tax policy. Investors putting $1 billion or more into the Canadian economy will now get priority access to a program that offers binding decisions from the Canada Revenue Agency.
Manitoba is waiving its provincial sales tax on major capital spending for the Port of Churchill in an effort to attract international investment. TD Bank announced it's committing $150 billion over five years to accelerate investment in Canada, while Scotiabank announced more than $100 billion in financing, underwriting, and investment to support Canadian companies and projects.
Additionally, Premier Scott Moe and Bell Canada CEO Mirko Bibic announced an expansion of Bell's AI data centre project in Saskatchewan, estimated to be a $52-billion investment. This historic expansion is expected to create thousands of new jobs.