Hundreds of executives and global asset managers are in Toronto this week for Canada’s first-ever national investment summit, as Prime Minister Mark Carney looks to attract more investment to Canada.
The two-day Canada Investment Summit is taking place September 14th and 15th and brings together global investors, Canadian business leaders and government representatives.
Carney has set a goal of attracting one trillion dollars in new investment over the next five years, with the federal government highlighting projects in areas including energy, critical minerals, infrastructure, artificial intelligence and other emerging technologies.
Several major announcements came out of the first day of the summit.
The federal government announced changes to its tax policy that will give investors committing at least one billion dollars to the Canadian economy priority access to the Canada Revenue Agency’s Advance Income Tax Rulings program.
The program allows qualifying investors to receive greater certainty about how tax laws will apply before committing their capital.
TD Bank announced a commitment of 150 billion dollars over five years to support investment in Canada, targeting sectors including energy, critical minerals, infrastructure, defence and aerospace, and digital infrastructure.
Scotiabank also announced more than 100 billion dollars in financing, underwriting and investment for Canadian companies and projects.
Another major announcement came from Saskatchewan, where Premier Scott Moe and Bell Canada CEO Mirko Bibic announced an expansion of Bell’s artificial intelligence data centre project.
The province estimates the total capital investment at more than 50 billion dollars, with the project expected to create hundreds of permanent jobs and thousands of additional positions in areas such as security, logistics and maintenance.
Manitoba also announced it will waive provincial sales tax on major capital spending at the Port of Churchill as it looks to attract international investment.
The measure could apply to projects including a new energy corridor, liquefied natural gas facilities, railway upgrades and expanded icebreaking capacity to support year-round shipping.
The summit has also attracted criticism and protests.
Indigenous leaders, labour unions, environmental groups and housing advocates gathered in Toronto to protest the government’s economic agenda.
Protest organizers say they are concerned about the potential impact of major projects on public services, the environment, workers and Indigenous rights.
The summit continues Tuesday, with Carney expected to deliver remarks and hold a news conference as the government continues its pitch to international investors.
