Canada's Investment Summit Seeks $1 Trillion in New Capital

Hundreds of executives and global asset managers gathered in Toronto for Canada's first-ever national investment summit, hosted by Prime Minister Mark Carney. The goal is to attract $1 trillion in new investment to Canada over the next five years.

The federal government announced changes to tax policy, giving investors who put $1 billion or more into the Canadian economy priority access to a program that offers binding decisions from the Canada Revenue Agency. This existing Advance Income Tax Rulings (AITR) program provides clarity on income tax law before capital commitments are made.

The province of Manitoba waived its provincial sales tax for major capital spending at the Port of Churchill, aiming to attract international investment. The new tax measure applies to proposals for a new energy corridor and liquefied natural gas facilities, railway upgrades, and expanded icebreaking capacity.

Major banks TD Bank and Scotiabank announced significant investments in Canada, with TD committing $150 billion over five years and Scotiabank launching the Scotia Growth Institute to support long-term economic growth. Bell Canada's expansion of its AI data centre project in Saskatchewan is estimated to be worth more than $50 billion, creating up to 500 permanent jobs and an additional 3,000 temporary positions.