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

Hundreds of executives and global asset managers gathered in Toronto for Canada's inaugural national investment summit, led by Prime Minister Mark Carney who aims to attract $1 trillion in new Canadian investments over the next five years. At the summit, various announcements were made, including changes to federal tax policy and major bank commitments.

The federal government announced that investors putting $1 billion or more into the Canadian economy will receive priority access to a program offering binding decisions from the Canada Revenue Agency. Through the Advance Income Tax Rulings (AITR) program, investors can receive clarity on how income tax law will apply before committing capital.

Manitoba is waiving the provincial sales tax on major capital spending for the Port of Churchill, with the new tax measure applying to projects such as a new energy corridor, liquefied natural gas facilities, upgrades to the railway to the port, and expanded icebreaking capacity for year-round shipping.

TD Bank announced a five-year commitment of $150 billion to accelerate investment in Canada, highlighting industries like energy, critical minerals, infrastructure, defence, and aerospace as potential investment targets. Other major banks have also made similar announcements outlining their lending plans for Canadian projects. Scotiabank unveiled the Scotia Growth Institute, a platform supporting key stakeholders in advancing long-term economic growth and competitiveness across North America, and committed over $100 billion in financing for Canadian companies and projects in key sectors.

Premier Scott Moe of Saskatchewan, alongside Bell Canada CEO Mirko Bibic, announced an expansion of Bell's AI data centre project in Saskatchewan, with an estimated total capital investment of more than $50 billion. The expansion is expected to create up to 500 permanent jobs in data centre operations and power generation, as well as around 3,000 additional jobs in related sectors such as security, logistics, and maintenance.