09/15/26 12:18Champagne’s elevator pitch on the ‘mega deduction’
– Bianca Bharti
Finance Minister Francois-Philippe Champagne listens as Canadian Prime Minister Mark Carney speaks during the second day of the Canada Investment Summit in Toronto.VALERIE MACON/AFP/Getty Images
Hi! Bianca here. I’m an audience editor at The Globe who works closely with our business section. Our tech reporter, Sean Silcoff, jumped into a lift at the Four Seasons Hotel with Finance Minister François-Philippe Champagne, who practically gave him an elevator pitch on the “mega deduction.” Sean sent me a clip of the quick scrum before taking off for another interview.
As part of the announcement, the federal government made immediate expensing permanent. “That’s the biggest reform of corporate tax in half a century in Canada,” Champagne said.
“This is a game changer,” he said, adding that the overall changes make Canada’s marginal effective tax rate one-third lower than the U.S.
09/15/26 11:55Read and watch Carney’s full speech at the Canada Investment Summit
– Arisa Valyear
In a roughly 20-minute address, Prime Minister Mark Carney welcomed attendees to the Canada Investment Summit, pitching the country as an energy superpower and outlining the government’s case for why Canada is “the most attractive place in the G7 to invest.”
Read the full transcript of Carney’s opening remarks here.
09/15/26 11:48Teck CEO calls on Canada to invest in transportation corridors in remote mining regions
– Niall McGee
Mark Carney’s government is moving in the right direction to strengthen Canada’s critical minerals sector, but more investment is needed in crucial mining infrastructure, Teck Resources chief executive Jonathan Price said at the summit.
In a panel discussion alongside Cameco CEO Tim Gitzel and Agnico Eagle Mines CEO Ammar Al-Joundi, Price called for putting more money into electricity grids and transportation corridors, a move that would benefit many mining companies.
Price pointed to Northern Ontario’s Ring of Fire and B.C.’s Golden Triangle as remote areas of the country where infrastructure investment is needed.
“To unlock those deposits, we need access either by road or rail, we need power solutions, we need a route to port, and we need port capacity to get those products to market,” he said.
09/15/26 11:10Carney asked about opening airports for investment
– Stephanie Levitz
A plane flies past a sign for Montreal-Trudeau International Airport in Montreal. Canada’s four largest airports are Vancouver, Calgary, Montreal and Toronto.Christinne Muschi/The Canadian Press
Prime Minister Mark Carney is now speaking with reporters after his opening remarks to the summit.
He’s being pressed on his announcement to open up airports for investment, with The Globe’s Bill Curry noting that the Liberals seriously considered the idea about a decade ago but ditched it after pushback.
Carney said that these are different times, and that the government is trying to build up the country in a more hostile world while at the same time retaining fiscal discipline.
He said to do that, Canada needs to be smart with the assets it has, and there’s also an opportunity to provide better experiences at airports and invest in other projects.
09/15/26 10:58Canada is ideal place for AI data centres but needs to address public concerns: tech CEOs
– Sean Silcoff
Cohere CEO Aidan Gomez made the case at the investment summit to become a global leader in AI data centre infrastructure – but cautioned that “we need to do it in the right way.”
Gomez, one of the co-authors of a foundational 2017 paper that paved the way for the AI revolution led by large language models like the ones developed by his Toronto-based company, said Canada offers advantages such as a cold climate, vast space and abundant clean energy to power data centres. But he said “there’s a burden of proof on us” to address public concerns, including those about water and power usage.
Gomez, whose company is in the process of raising a massive round valuing the company at US$20-billion, was speaking on a panel about frontier Canadian technologies. Other speakers included Jordan Jacobs, head of Toronto’s Radical Ventures, an early Cohere backer which announced an AI super-growth fund on Tuesday morning; Christian Weedbrook, founder and CEO of Toronto-based Xanadu Quantum Technologies; and Toronto-based venture capitalist Janet Bannister, managing partner of Staircase Ventures.
Bannister said Canada was an ideal place to build a technology company for three reasons: Toronto in particular is a fast-growing tech hub, the third largest by employees in the sector in North America. Secondly, because Canada is a relatively small market, startups here have to think “globally from day one,” she said. And she noted it’s not only cheaper to build a startup here, but that “Canadian businesses are used to doing more with less” as companies generally raise less than their Silicon Valley counterparts.
09/15/26 10:31Canada’s mining CEOs take the summit stage
– Andrew Willis
CEOs of three of Canada’s largest mining companies are on stage at the summit, and Cameco boss Tim Gitzel used the podium to plug Canada’s reliability as a supplier.
Gitzel, who heads the world’s largest uranium producer, pointed out that nuclear power is becoming an increasingly important power source. The Saskatchewan native said that when someone builds a $15-billion nuclear power plant, “it’s a really bad day” if they run out of fuel.
He said Cameco, with its massive operations, is a dependable partner for power producers. That supply chain reliability is becoming more important to customers and countries (many power producers are government-owned) as geopolitical uncertainty becomes a greater risk.
That’s an intangible benefit of doing business in Canada that CEOs like Gitzel and politicians like Saskatchewan Premier Scott Moe are stressing as they pitch for investment. Cameco is one of Saskatchewan’s largest employers.
Kazakhstan, Namibia and Russia are among Canada’s rivals for uranium production.
09/15/26 10:14More background on Ottawa’s new ‘mega deduction’
– Andrew Willis
Here is the background on the new “mega deduction” at the summit, courtesy of Finance Minister François-Philippe Champagne’s team.
The new regime cuts Canada’s marginal effective tax rate on new business investment by more than half, from 13 per cent to 6.4 per cent. The government says that is the lowest rate of any major advanced economy.
As of 2026, the U.S. rate is 16.9 per cent and the OECD average is 19 per cent, according to the Finance Department.
The last federal budget allowed the “super” deduction on 15 per cent of assets. What the Prime Minister announced, the “mega” deduction, covers 65 per cent of assets.
09/15/26 10:08Ottawa’s tax incentive aims to make it cheaper for businesses to invest
– James Bradshaw
Good morning. It’s institutional investing reporter James Bradshaw here, back at the summit.
The expanded tax incentive that Prime Minister Mark Carney announced Tuesday, called the “productivity mega deduction,” is aimed at encouraging businesses to spend more money to improve and expand their operations by making it “cheaper to invest.”
It makes a tax measure announced in last year’s federal budget, the “productivity super-deduction,” more generous.
The existing suite of tax incentives let businesses write off the costs of new capital investment in about 15 per cent of assets right away, focusing on manufacturing and processing, clean energy, productivity and research investments.
The new “mega” deduction covers about 65 per cent of assets, including fibre-optic cable, mining property, oil and gas pipelines, software, computer equipment, aircraft and vehicles, patents, rail track, bridges and roads.
That’s expected to cost Ottawa about $36-billion over five years. And it’s billed as a permanent measure to give businesses more certainty.
“The effect is straightforward. When you invest in Canada, you can deduct substantially more of that investment immediately,” Carney said in his Tuesday speech.
He said that will make Canada “by far the most tax-competitive advanced economy for new investment.”
09/15/26 09:46Ottawa announces ‘mega deduction’ for companies on new investment
– Andrew Willis
Good morning. I’m Andrew Willis, a business columnist at The Globe and Mail.
I’m at the Canada Investment Summit today, and recently spent a week in Calgary, where I met with the CEOs of several oil sands producers.
Prime Minister Mark Carney just made a tax announcement that will thrill the heads of the country’s largest energy companies.
He announced a “productivity mega deduction” that allows companies to immediately deduct 100 per cent of the cost of new investment across far more assets than previously allowed.
The Prime Minister got a laugh when he joked the Liberals called it a mega deduction because they used the phrase “super deduction” in the last budget. The government’s briefing on the tax break specifically mentions the energy sector. Alberta-based oil sands operators need to invest billions to open up new properties that will in turn feed a potential new pipeline to a deep-water port on the Pacific Coast.
This tax change makes those projects far more likely. We will be looking for a response from companies like Cenovus, Canadian Natural Resources, Imperial Oil and Suncor.
09/15/26 09:40Hello from Toronto’s Four Seasons Hotel
– Bill Curry
Former prime minister Stephen Harper attends the Canada Investment Summit in Toronto.Carlos Osorio/Reuters
Good morning from inside a conference room at Toronto’s Four Seasons Hotel, where more than 200 investors, premiers, government officials and former prime minister Stephen Harper are squeezed in to hear Prime Minister Mark Carney’s Tuesday morning speech.
Before he began, participants were encouraged to spend the day mingling and arranging meetings.
They were also told that they represent leaders managing $120-trillion in capital.
09/15/26 09:38Ottawa to help finance nationwide sovereign internet network, Carney says
– Irene Galea
Prime Minister Mark Carney delivers opening remarks during the Canada Investment Summit in Toronto on Tuesday.Nathan Denette/The Canadian Press
The federal government will help to finance a new internet network to provide nationwide sovereign internet connectivity, Prime Minister Mark Carney announced.
“We will reinvest the tens of billions of dollars of capital we raise into the infrastructure that Canada needs for the next generation,” Carney said as part of his opening remarks.
That will mean “helping to finance new nation-building infrastructure, including a sovereign broadband backbone that connects Canadians from coast to coast to coast, with more direct and secure links to Europe and Asia,” he said.
A “broadband backbone” is the high-capacity core of the internet network that carries traffic between cities and countries.
The federal government previously signalled in its National Artificial Intelligence Strategy released in June that it planned to expand high-capacity fibre lines and satellite connectivity to improve network resilience and limit the effects of disruptions.
09/15/26 09:30Carney’s message for Americans
– Stephanie Levitz
Though Carney is making a pitch to global investors to put more money into Canada, he also had a message for Americans.
Canada and the U.S. are now in a trade war, and some of the chatter around the summit has been about whether that will impact how investors react to Carney’s pitch.
In his opening remarks, Carney said Canada will continue to be the U.S.’s most important partner in many key areas, noting that at times of disagreement throughout history, the two countries have always stayed close.
He said that only works when the two countries “engage as true partners that respect each other’s traditions and sovereignty.”
And he took a look ahead, saying, “When those opportunities return, Canada will be an even better partner – stronger, more resilient, more independent – ready to advance our mutual economic and security interests.”
09/15/26 09:04Carney details plans to open Canada’s four largest airports up for private investment
– Stephanie Levitz
Prime Minister Mark Carney delivers opening remarks during the start of the second day at the 2026 Canada Investment Summit in Toronto.Nathan Denette/The Canadian Press
The first full day of the Canada Investment Summit is kicking off with an announcement by Prime Minister Mark Carney on opening up Canada’s four largest airports for private investment.
In his opening remarks to the gathering, Carney said the government will retain ownership of land and assets but seek private investment through long-term concessions to operate the airports.
Canada’s four largest airports are Vancouver, Calgary, Toronto and Montreal.
Carney said the capital raised through private investors will be reinvested into infrastructure, including regional airports.
Transport Minister Steven MacKinnon had briefed Liberal MPs on the plans in a late-day call on Monday, The Globe earlier reported.
09/15/26 08:40The agenda for today’s Canada Investment Summit
– Globe Staff
The Canada Investment Summit will consist of a plenary session, panel discussions, small group meetings and a concierge service to match people up for sideline discussions, much of which will happen behind closed doors.
Here’s the full schedule:
8:45 a.m. ET:
Introduction by Deborah Orida, president and CEO of the Public Sector Pension Investment Board
8:50 a.m. ET:
Opening keynote speech by Prime Minister Mark Carney and fireside chat
9:20 a.m. ET:
Panel conversation on Canada’s mining and critical minerals with Agnico Eagle Mines CEO Ammar Al-Joundi, Cameco CEO Tim Gitzel and Teck Resources CEO Jonathan Price
9:55 a.m. ET:
Panel conversation on financing Canada’s technology champions with Janet Bannister from Staircase Ventures, Jordan Jacobs from Radical Ventures and Cohere CEO Aidan Gomez and Xanadu CEO Christian Weedbrook
11:00 a.m. ET:
Breakout investment sessions with cabinet ministers:
Canada’s nation-building agenda with Canada-U.S. Trade Minister Dominic LeBlanc Exchanging investor insights with International Trade Minister Maninder SidhuPartnering with Canada’s pension plans with Finance Minister François-Philippe ChampagneCatalyzing private investment with Industry Minister Mélanie Joly
12 p.m. ET:
Lunch
1:00 p.m. ET:
Remarks from John Graham, CEO of the Canada Pension Plan Investment Board
1:10 p.m. ET:
Panel conversation on global capital and Canadian opportunity with BlackRock CEO Larry Fink, Blackstone COO Jon Gray, APG CEO Annette Mosman and Temasek Holdings CEO Dilhan Pillay Sandrasegara
1:50 p.m. ET:
Panel conversation on defence and advanced manufacturing in Canada with CAE CEO Matthew Bromberg, Telesat CEO Daniel Goldberg, Linamar executive chair Linda Hasenfratz and Bombardier CEO Éric Martel
2:25 p.m. ET:
Panel conversation on growth equity in Canada with Royal Bank of Canada CEO Dave McKay and Northleaf Capital Partners managing partner Stuart Waugh
3 p.m. ET:
More breakout investment sessions with cabinet ministers:
Canada’s nation-building agenda with Canada-U.S. Trade Minister Dominic LeBlanc Exchanging investor insights with Foreign Affairs Minister Anita AnandPartnering with Canada’s pension plans with Finance Minister François-Philippe ChampagneCatalyzing private investment with Industry Minister Mélanie Joly
4:00 p.m. ET:
Panel conversation on financing Canada’s future with Deutsche Bank AG CEO
Christian Sewing and Barclays CEO C.S. Venkatakrishnan
4:20 p.m. ET:
Panel conversation on Canada’s energy sector with Ontario Power Generation CEO
Nicolle Butcher, Suncor CEO Rich Kruger and TC Energy CEO François Poirier
5:55 p.m. ET:
A speech on capturing Canada’s moment with former prime minister Stephen Harper
09/15/26 08:30A sit-down with Mark Carney
– Andrew Willis
Prime Minister Mark Carney gives an interview to The Globe and Mail on Monday.Jennifer Roberts/The Globe and Mail
Prime Minister Mark Carney said in an interview Monday that his government’s investment summit is part of a strategy to line up foreign capital behind Canada’s manufacturing sector while boosting trade with Asia and Europe.
The summit, taking place Monday and Tuesday at the Four Seasons in Toronto, is being attended by global investors and watched closely by a domestic audience waiting to see Carney’s next move in the trade war with the United States.
On the first day of the event, Carney said capital is just one of many ingredients required to boost Canada’s economy.
“You need capital, you need deals, you need projects, you need the proper regulatory environment, you need a competitive tax environment, and you need ambition and action,” Carney said. He said the summit is meant to bring all these factors together, to the benefit of all Canadians, not just business leaders.
“We are launching the investment supercycle that the country needs,” he added, perched on the edge of a Four Seasons Hotel chair and occasionally jabbing a finger in the air to drive home his point.
09/15/26 08:30The deals and dealmakers to watch at the Canada Investment Summit
– Jason Kirby
Investors from around the world have descended on Toronto for the Canada Investment Summit, Prime Minister Mark Carney’s effort to show the world the country is ready to build big things again.
As part of that, Ottawa has identified scores of projects to showcase during the event, which 120 Canadian and international funds and investment companies with roughly $120-trillion in combined assets under management are expected to attend.
Here’s a look at possible candidates for deals and some of the big-name investors set to show up for the summit.
Read the full story and list of potential deals here.
09/15/26 08:30Carney to deliver remarks, hold press conference on day two of investment summit
– The Canadian Press
Prime Minister Mark Carney is set to deliver remarks and hold a press conference at his government’s investment summit in Toronto today.
The prime minister is also scheduled to participate in a discussion with Deborah Orida, the CEO of PSP Investments which is one of Canada’s largest pension investors.
Hundreds of executives and global asset managers are in Toronto this week for Canada’s first-ever national investment summit and Carney has set an ambitious goal of attracting $1-trillion in new investment over the next five years.
Day one of the investment summit saw billion-dollar announcements and changes to Canada’s tax policy.
The federal government said investors putting $1-billion or more into Canada’s economy will get priority access to a program that offers binding decisions from the Canada Revenue Agency, while Saskatchewan Premier Scott Moe announced an expansion of Bell’s AI data centre project in Saskatchewan.
The formal program kicked off with a gala dinner on Monday night. But the main event is on Tuesday, with a plenary session, panel discussions, small group meetings and a concierge service to match people up for sideline discussions, much of which will happen behind closed doors.
The event has been criticized by some Indigenous leaders, environmental groups and union leaders who say they worry about the future of public services, pipelines and arms manufacturing.