RAC welcomes bold federal action to unlock investment in Canada

The Canada Investment Summit has seen nearly $500 billion in new investment committed, according to the Financial Post. The federal government is seeking private investments for the country's airports and making changes to speed up permitting processes for key economic projects.

The government is also expanding a tax incentive aimed at boosting new business investment, as reported by Global News. The "productivity mega deduction" allows businesses to fully write off the cost of an investment in the year it becomes available for use. This measure is expected to have a fiscal cost of $36 billion over five years.

Prime Minister Mark Carney is pitching Canada as a "safe harbour" for major investors, citing its strategic position in the new global economic order, as reported by BBC World. He has pledged to bring in C$1 trillion in investments over the next five years to reduce Canada's reliance on the US. Over 160 projects were on offer at the summit, including data centres, pipelines, and port expansions.

Brief written by urgent.news from Financial Post, Global News, BBC World — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.