Day one of investment summit sees billion-dollar announcements, changes to tax policy

On the opening day of Canada's inaugural national investment summit in Toronto, executives and global asset managers gathered to discuss significant financial developments.

Prime Minister Mark Carney revealed a goal to attract $1 trillion in new investment to Canada over the next five years. The government announced it would prioritize processing investments of $1 billion or more by granting investors from the Canada Revenue Agency binding decisions on tax laws before they commit capital.

Manitoba’s Premier Wab Kinew introduced a tax exemption for the Port of Churchill, which aims to attract international investment by waiving provincial sales tax on major capital spending. The new policy would benefit proposals for an energy corridor, liquefied natural gas facilities, railway upgrades and expanded icebreaking capacity.

The federal government's Advance Income Tax Rulings (AITR) program will offer tax exemptions for qualifying investors, providing clarity on how income tax law will apply to their investments.

TD Bank pledged $150 billion over five years to stimulate investment in Canada, highlighting potential targets in energy, critical minerals, infrastructure, defense, aerospace and other sectors.

Scotiabank launched the Scotia Growth Institute to support key stakeholders in advancing long-term economic growth and competitiveness in Canada and North America. The Canadian bank also announced over $100 billion in financing, underwriting and investment for Canadian companies and projects in key sectors.

Meanwhile, Bell Canada's CEO Mirko Bibic announced the expansion of the company's AI data center project in Saskatchewan, estimating a $52 billion capital investment and the creation of up to 500 permanent jobs.