Canadian Prime Minister Mark Carney delivered a keynote speech at the first-ever investment summit in Toronto on Tuesday. The PM said Canada is “on track to balance the operating budget next year, one year ahead of schedule while maintaining the lowest overall deficit in the G7.” Carney said Canada enters this “period of investment with the strongest fiscal position, the lowest net debt to GDP ratio amongst major economies. This gives us the capacity to invest alongside private capital and the macro-economic resilience investors value in uncertain times. Going forward we will increasingly optimize our balance sheet, recycling assets to free up capital.” Carney said Canada is making it cheaper to invest. “Effective today, Canada will allow immediate expensing for most new capital investment. Two-thirds of all assets will now qualify from machinery to manufacturing equipment to software patents, (Research and Development), fibre, rail, pipelines and other infrastructure that’s needed to connect our economy,” he said. Carney also said the federal government will be seeking private investment in airports. “Canadian pension funds already successfully invest and manage airports around the world. It’s time to bring that same expertise back home to directly benefit Canadians.” “I am announcing today that we will seek private investment through long-term concessions to operate Canada’s four largest airports,” Carney said.
