09\/15\/26 12:18Champagne\u2019s elevator pitch on the \u2018mega deduction\u2019<\/p>\n
\u2013 Bianca Bharti<\/p>\n
Open this photo in gallery:<\/a><\/p>\n 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<\/p>\n Hi! Bianca here. I\u2019m 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 Fran\u00e7ois-Philippe Champagne, who practically gave him an elevator pitch on the \u201cmega deduction.\u201d Sean sent me a clip of the quick scrum before taking off for another interview.<\/p>\n As part of the announcement, the federal government made immediate expensing permanent. \u201cThat\u2019s the biggest reform of corporate tax in half a century in Canada,\u201d Champagne said.<\/p>\n \u201cThis is a game changer,\u201d he said, adding that the overall changes make Canada\u2019s marginal effective tax rate one-third lower than the U.S.<\/p>\n 09\/15\/26 11:55Read and watch Carney\u2019s full speech at the Canada Investment Summit<\/p>\n \u2013 Arisa Valyear<\/p>\n 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\u2019s case for why Canada is \u201cthe most attractive place in the G7 to invest.\u201d <\/p>\n Read the full transcript of Carney\u2019s opening remarks here<\/a>.<\/p>\n 09\/15\/26 11:48Teck CEO calls on Canada to invest in transportation corridors in remote mining regions <\/p>\n \u2013 Niall McGee <\/p>\n Mark Carney\u2019s government is moving in the right direction to strengthen Canada\u2019s critical minerals sector, but more investment is needed in crucial mining infrastructure, Teck Resources chief executive Jonathan Price said at the summit. <\/p>\n 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. <\/p>\n Price pointed to Northern Ontario\u2019s Ring of Fire and B.C.\u2019s Golden Triangle as remote areas of the country where infrastructure investment is needed.<\/p>\n \u201cTo 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,\u201d he said. <\/p>\n 09\/15\/26 11:10Carney asked about opening airports for investment<\/p>\n \u2013 Stephanie Levitz <\/p>\n Open this photo in gallery:<\/a><\/p>\n A plane flies past a sign for Montreal-Trudeau International Airport in Montreal. Canada\u2019s four largest airports are Vancouver, Calgary, Montreal and Toronto.Christinne Muschi\/The Canadian Press<\/p>\n Prime Minister Mark Carney is now speaking with reporters after his opening remarks to the summit. <\/p>\n He\u2019s being pressed on his announcement to open up airports for investment<\/a>, with The Globe\u2019s Bill Curry noting that the Liberals seriously considered the idea about a decade ago but ditched it after pushback. <\/p>\n 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. <\/p>\n He said to do that, Canada needs to be smart with the assets it has, and there\u2019s also an opportunity to provide better experiences at airports and invest in other projects. <\/p>\n 09\/15\/26 10:58Canada is ideal place for AI data centres but needs to address public concerns: tech CEOs <\/p>\n \u2013 Sean Silcoff <\/p>\n Cohere CEO Aidan Gomez made the case at the investment summit to become a global leader in AI data centre infrastructure \u2013 but cautioned that \u201cwe need to do it in the right way.\u201d<\/p>\n 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 \u201cthere\u2019s a burden of proof on us\u201d to address public concerns, including those about water and power usage. <\/p>\n Gomez, whose company is in the process of raising a massive round valuing the company at US$20-billion<\/a>, was speaking on a panel about frontier Canadian technologies. Other speakers included Jordan Jacobs, head of Toronto\u2019s Radical Ventures, an early Cohere backer which announced an AI super-growth fund on Tuesday morning<\/a>; Christian Weedbrook, founder and CEO of Toronto-based Xanadu Quantum Technologies; and Toronto-based venture capitalist Janet Bannister, managing partner of Staircase Ventures.<\/p>\n 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 \u201cglobally from day one,\u201d she said. And she noted it\u2019s not only cheaper to build a startup here, but that \u201cCanadian businesses are used to doing more with less\u201d as companies generally raise less than their Silicon Valley counterparts.<\/p>\n 09\/15\/26 10:31Canada\u2019s mining CEOs take the summit stage<\/p>\n \u2013 Andrew Willis<\/p>\n CEOs of three of Canada\u2019s largest mining companies are on stage at the summit, and Cameco boss Tim Gitzel used the podium to plug Canada\u2019s reliability as a supplier.<\/p>\n Gitzel, who heads the world\u2019s 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, \u201cit\u2019s a really bad day\u201d if they run out of fuel.<\/p>\n 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.<\/p>\n That\u2019s 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\u2019s largest employers. <\/p>\n Kazakhstan, Namibia and Russia are among Canada\u2019s rivals for uranium production. <\/p>\n 09\/15\/26 10:14More background on Ottawa\u2019s new \u2018mega deduction\u2019 <\/p>\n \u2013 Andrew Willis<\/p>\n Here is the background on the new \u201cmega deduction\u201d at the summit, courtesy of Finance Minister Fran\u00e7ois-Philippe Champagne\u2019s team.<\/p>\n The new regime cuts Canada\u2019s 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.<\/p>\n 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.<\/p>\n The last federal budget allowed the \u201csuper\u201d deduction on 15 per cent of assets. What the Prime Minister announced, the \u201cmega\u201d deduction, covers 65 per cent of assets. <\/p>\n 09\/15\/26 10:08Ottawa\u2019s tax incentive aims to make it cheaper for businesses to invest <\/p>\n \u2013 James Bradshaw<\/p>\n Good morning. It\u2019s institutional investing reporter James Bradshaw here, back at the summit.<\/p>\n The expanded tax incentive that Prime Minister Mark Carney announced Tuesday, called the \u201cproductivity mega deduction,\u201d is aimed at encouraging businesses to spend more money to improve and expand their operations by making it \u201ccheaper to invest.\u201d<\/p>\n It makes a tax measure announced in last year\u2019s federal budget<\/a>, the \u201cproductivity super-deduction,\u201d more generous.<\/p>\n 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.<\/p>\n The new \u201cmega\u201d 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.<\/p>\n That\u2019s expected to cost Ottawa about $36-billion over five years. And it\u2019s billed as a permanent measure to give businesses more certainty.<\/p>\n \u201cThe effect is straightforward. When you invest in Canada, you can deduct substantially more of that investment immediately,\u201d Carney said in his Tuesday speech.<\/p>\n He said that will make Canada \u201cby far the most tax-competitive advanced economy for new investment.\u201d<\/p>\n 09\/15\/26 09:46Ottawa announces \u2018mega deduction\u2019 for companies on new investment <\/p>\n \u2013 Andrew Willis<\/p>\n Good morning. I\u2019m Andrew Willis, a business columnist at The Globe and Mail. <\/p>\n I\u2019m at the Canada Investment Summit today, and recently spent a week in Calgary, where I met with the CEOs of several oil sands producers. <\/p>\n Prime Minister Mark Carney just made a tax announcement that will thrill the heads of the country\u2019s largest energy companies. <\/p>\n He announced a \u201cproductivity mega deduction\u201d<\/a> that allows companies to immediately deduct 100 per cent of the cost of new investment across far more assets than previously allowed. <\/p>\n The Prime Minister got a laugh when he joked the Liberals called it a mega deduction because they used the phrase \u201csuper deduction\u201d in the last budget. The government\u2019s 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. <\/p>\n 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.<\/p>\n 09\/15\/26 09:40Hello from Toronto\u2019s Four Seasons Hotel <\/p>\n \u2013 Bill Curry<\/p>\n Open this photo in gallery:<\/a><\/p>\n Former prime minister Stephen Harper attends the Canada Investment Summit in Toronto.Carlos Osorio\/Reuters<\/p>\n Good morning from inside a conference room at Toronto\u2019s 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\u2019s Tuesday morning speech.<\/p>\n Before he began, participants were encouraged to spend the day mingling and arranging meetings. <\/p>\n They were also told that they represent leaders managing $120-trillion in capital.<\/p>\n 09\/15\/26 09:38Ottawa to help finance nationwide sovereign internet network, Carney says<\/p>\n \u2013 Irene Galea<\/p>\n Open this photo in gallery:<\/a><\/p>\n Prime Minister Mark Carney delivers opening remarks during the Canada Investment Summit in Toronto on Tuesday.Nathan Denette\/The Canadian Press<\/p>\n The federal government will help to finance a new internet network to provide nationwide sovereign internet connectivity, Prime Minister Mark Carney announced.<\/p>\n \u201cWe will reinvest the tens of billions of dollars of capital we raise into the infrastructure that Canada needs for the next generation,\u201d Carney said as part of his opening remarks.<\/p>\n That will mean \u201chelping 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,\u201d he said.<\/p>\n A \u201cbroadband backbone\u201d is the high-capacity core of the internet network that carries traffic between cities and countries.<\/p>\n 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.<\/p>\n Read the full story here.<\/a><\/p>\n 09\/15\/26 09:30Carney\u2019s message for Americans <\/p>\n \u2013 Stephanie Levitz <\/p>\n Though Carney is making a pitch to global investors to put more money into Canada, he also had a message for Americans. <\/p>\n 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\u2019s pitch. <\/p>\n In his opening remarks, Carney said Canada will continue to be the U.S.\u2019s most important partner in many key areas, noting that at times of disagreement throughout history, the two countries have always stayed close. <\/p>\n He said that only works when the two countries \u201cengage as true partners that respect each other\u2019s traditions and sovereignty.\u201d<\/p>\n And he took a look ahead, saying, \u201cWhen those opportunities return, Canada will be an even better partner \u2013 stronger, more resilient, more independent \u2013 ready to advance our mutual economic and security interests.\u201d<\/p>\n 09\/15\/26 09:04Carney details plans to open Canada\u2019s four largest airports up for private investment<\/p>\n \u2013 Stephanie Levitz <\/p>\n Open this photo in gallery:<\/a><\/p>\n 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<\/p>\n The first full day of the Canada Investment Summit is kicking off with an announcement by Prime Minister Mark Carney on opening up Canada\u2019s four largest airports for private investment. <\/p>\n 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.<\/p>\n Canada\u2019s four largest airports are Vancouver, Calgary, Toronto and Montreal. <\/p>\n Carney said the capital raised through private investors will be reinvested into infrastructure, including regional airports. <\/p>\n Transport Minister Steven MacKinnon had briefed Liberal MPs on the plans in a late-day call on Monday, The Globe earlier reported<\/a>.<\/p>\n Read the full story here.<\/a> <\/p>\n 09\/15\/26 08:40The agenda for today\u2019s Canada Investment Summit <\/p>\n \u2013 Globe Staff<\/p>\n 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.<\/p>\n Here\u2019s the full schedule: <\/p>\n 8:45 a.m. ET:<\/p>\n Introduction by Deborah Orida, president and CEO of the Public Sector Pension Investment Board<\/p>\n 8:50 a.m. ET: <\/p>\n Opening keynote speech by Prime Minister Mark Carney and fireside chat <\/p>\n 9:20 a.m. ET:<\/p>\n Panel conversation on Canada\u2019s mining and critical minerals with Agnico Eagle Mines CEO Ammar Al-Joundi, Cameco CEO Tim Gitzel and Teck Resources CEO Jonathan Price<\/p>\n 9:55 a.m. ET:<\/p>\n Panel conversation on financing Canada\u2019s technology champions with Janet Bannister from Staircase Ventures, Jordan Jacobs from Radical Ventures and Cohere CEO Aidan Gomez and Xanadu CEO Christian Weedbrook <\/p>\n 11:00 a.m. ET:<\/p>\n Breakout investment sessions with cabinet ministers:<\/p>\n Canada\u2019s nation-building agenda with Canada-U.S. Trade Minister Dominic LeBlanc Exchanging investor insights with International Trade Minister Maninder SidhuPartnering with Canada\u2019s pension plans with Finance Minister Fran\u00e7ois-Philippe ChampagneCatalyzing private investment with Industry Minister M\u00e9lanie Joly<\/p>\n 12 p.m. ET: <\/p>\n Lunch<\/p>\n 1:00 p.m. ET:<\/p>\n Remarks from John Graham, CEO of the Canada Pension Plan Investment Board<\/p>\n 1:10 p.m. ET: <\/p>\n 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<\/p>\n 1:50 p.m. ET:<\/p>\n 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 \u00c9ric Martel <\/p>\n 2:25 p.m. ET:<\/p>\n Panel conversation on growth equity in Canada with Royal Bank of Canada CEO Dave McKay and Northleaf Capital Partners managing partner Stuart Waugh<\/p>\n 3 p.m. ET:<\/p>\n More breakout investment sessions with cabinet ministers:<\/p>\n Canada\u2019s nation-building agenda with Canada-U.S. Trade Minister Dominic LeBlanc Exchanging investor insights with Foreign Affairs Minister Anita AnandPartnering with Canada\u2019s pension plans with Finance Minister Fran\u00e7ois-Philippe ChampagneCatalyzing private investment with Industry Minister M\u00e9lanie Joly<\/p>\n 4:00 p.m. ET:<\/p>\n Panel conversation on financing Canada\u2019s future with Deutsche Bank AG CEO <\/p>\n Christian Sewing and Barclays CEO C.S. Venkatakrishnan <\/p>\n 4:20 p.m. ET:<\/p>\n Panel conversation on Canada\u2019s energy sector with Ontario Power Generation CEO <\/p>\n Nicolle Butcher, Suncor CEO Rich Kruger and TC Energy CEO Fran\u00e7ois Poirier<\/p>\n 5:55 p.m. ET:<\/p>\n A speech on capturing Canada\u2019s moment with former prime minister Stephen Harper<\/p>\n 09\/15\/26 08:30A sit-down with Mark Carney<\/p>\n \u2013 Andrew Willis<\/p>\n Open this photo in gallery:<\/a><\/p>\n Prime Minister Mark Carney gives an interview to The Globe and Mail on Monday.Jennifer Roberts\/The Globe and Mail<\/p>\n Prime Minister Mark Carney said in an interview Monday that his government\u2019s investment summit is part of a strategy to line up foreign capital behind Canada\u2019s manufacturing sector while boosting trade with Asia and Europe.<\/p>\n 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\u2019s next move in the trade war with the United States.<\/p>\n On the first day of the event, Carney said capital is just one of many ingredients required to boost Canada\u2019s economy.<\/p>\n \u201cYou 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,\u201d Carney said. He said the summit is meant to bring all these factors together, to the benefit of all Canadians, not just business leaders.<\/p>\n \u201cWe are launching the investment supercycle that the country needs,\u201d 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.<\/p>\n