$1-billion investments to get tax ruling priority; TD, Scotiabank pledge billions in Canadian funding

Ahead of Carney’s investment summit in Toronto, two separate business conferences host hundreds of global CEOs, executives and investors

Ottawa says investors putting $1 billion or more into the Canadian economy will now get priority access to a program that offers binding decisions from the Canada Revenue Agency.

Finance Minister Francois-Philippe Champagne's office made the announcement today as Prime Minister Mark Carney prepared to welcome investors from around the world to a high-stakes investment summit.

A government press release says that through the Advance Income Tax Rulings (AITR) program, qualifying investors can get binding decisions from the CRA on how income tax law will apply before they commit capital.

The government says the new policy will reduce risks and give investors the confidence they need to move major projects forward.

Hundreds of executives and global asset managers are in Toronto today for Canada's first-ever investment summit, and Carney, his ministers and premiers from across the country will be pitching investors on opportunities in multiple sectors over the next two days.

The event kicks off Monday evening at the Art Gallery of Ontario with a gala dinner that is closed to the public and the media.

TD commits $150-billion to fund Canadian companies in critical sectors

Toronto-Dominion Bank is committing $150-billion over five years in new lending, underwriting, advisory and other financing activities aimed at driving growth across sectors that are essential to boosting Canada’s economy.

The country’s biggest banks have been launching initiatives ahead of Ottawa’s investment summit to provide capital for Canadian companies as the federal government attempts to reduce economic dependence on the United States.

TD’s initiative focuses on five key sectors that the bank believes will drive economic growth: energy, critical minerals and resources, defence and aerospace, digital technology and artificial intelligence, and infrastructure.

For potential projects, TD listed clean and conventional energy, exploration and extraction of resources, aerospace supply chains, AI innovation and commercialization, and ports and trade corridors, among others.

TD said it already has subject-matter experts in these areas and is adding capacity and talent as it expands in these sectors. But partnerships with government and investors will be necessary to make progress on key projects.

“For the supercycle to take effect, it’s more than just the capital of the banks,” TD chief executive Raymond Chun said in an interview.

Scotiabank commits more than $100-billion to help fund expansion of Canadian companies

Bank of Nova Scotia is committing more than $100-billion in financing to help Canadian businesses expand and is launching an institute led by a former ambassador to assess the country’s long-term competitiveness.

Ahead of Ottawa’s investment summit, Canada’s biggest banks have been launching initiatives to provide financing for domestic companies as the federal government races to reduce the country’s dependence on the United States.

As part of Scotiabank’s initiative, financing, underwriting and investment will be available to Canadian companies and projects in sectors the bank believes will drive economic growth over the next five years.

The sectors included in the initiative will align with the areas targeted by Canada’s Major Projects Office, including clean energy, oil and gas, critical minerals, advanced manufacturing, technology and defence, Scotiabank chief executive Scott Thomson said ahead of the Canada Investment Summit.

“You’ve seen an increase in interest from foreign investors in Canada. Canada does have what the world needs from a resources perspective, but also from a talent, institutional strength and trust perspective – and the interest is there,” Thomson said in an interview.