John McKenzie: Canada must turn investment summit momentum into certainty and execution

Every September, the Toronto International Film Festival descends on the city, turning every urban dweller into an eagle-eyed star searcher.

Last week, the Canada Investment Summit brought a different kind of star power to town — a who’s who of global finance. Investors from nearly 30 countries, managing more than $100 trillion in assets, came together with business leaders, policymakers and entrepreneurs to discuss my favourite topic: investing in Canada.

Prime Minister Mark Carney , the federal government, CPP Investments and PSP Investments deserve credit for bringing the investing world to our doorstep. It was a consequential week, setting the stage for Canada’s next growth chapter. And importantly, we received a loud and clear indication that global investors are paying attention.

It was a great starting point.

Canada’s case is well understood. We have what the world needs. We have comparative advantages in energy, critical minerals, infrastructure, technology and talent. We also offer something increasingly valuable in an uncertain and reordered world: trusted institutions, economic stability and a proven record as a reliable place to invest.

But good fundamentals alone are not enough. Capital is mobile, and investment flows to jurisdictions offering the strongest combination of returns, certainty, speed and competitiveness.

It’s not enough to merely keep pace. Smaller markets do not win ties. Canada has to be more competitive than other jurisdictions, and we have to be willing to bet on ourselves.

There were encouraging signs last week that this mindset is taking hold and the conditions are improving.

The federal government’s new Productivity Mega Deduction will permanently broaden immediate expensing and lower Canada’s marginal effective tax rate on new business investment.

That is a serious step toward improving the economics of investing in productive capacity in Canada.

The government also announced that the Canada Revenue Agency will prioritize advance income tax rulings related to investments of $1 billion or more, giving major investors greater certainty before committing capital.

The private sector stepped up, too. Pension funds, insurers and institutional investors committed nearly $100 billion in new capital. Canada’s major banks announced roughly $325 billion in new financing capacity for Canadian businesses and infrastructure. And investment funds committed to mobilize more than $14 billion.

It will take that kind of all-hands approach to generate lasting change. But promise and momentum are empty without certainty and execution.

Our focus now needs to shift to converting investor interest into productive investment.

Canada can go further, in some important ways.

We should provide preferential capital gains treatment for investments in Canadian public companies, subject to an appropriate holding period.

The TFSA framework should evolve to provide stronger incentives to direct more tax-advantaged savings toward Canadian-listed companies and investment products.

We should reduce the federal corporate tax rate for five years after a company goes public, helping them preserve capital to reinvest during crucial early growth stages.

And the Canada Strong Fund should include dedicated capacity to invest in growth-stage Canadian public companies.

Nation-building projects are essential. But company-building matters just as much. Our capital strategy must also direct investment toward growth-stage companies, the next generation of Canadian global leaders.

Canada’s unique public market ecosystem provides smaller companies with access to public capital early in their life cycle and throughout each stage of growth.

And it works.

More than 800 companies have graduated from TSX Venture Exchange (TSXV) to Toronto Stock Exchange (TSX) since 2000. And in just the first eight months of 2026, companies across both markets raised more than $27 billion — one-third of it on TSXV. That’s capital put to productive use, helping companies invest, grow and scale. And we need much more of it.

We know what happens when companies believe they can execute. Capital follows. Investment follows. Entire ecosystems develop around them. When barriers accumulate and companies lose confidence that they can build, investment finds another home and those ecosystems suffer.

Canada has captured the world’s attention. Now we need to become the place where more of that capital is put to work by moving from announcements to investment, from approvals to construction and from promising Canadian companies to global champions headquartered here.

Our moment is here. The job now is to execute.

John McKenzie is chief executive of TMX Group Ltd.

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