Day 1 of Investment Summit Wraps Up With Major AI Proposal, Bank Funding Commitments

Day one of the Canada Investment Summit included a major AI infrastructure proposal for Saskatchewan, new financing commitments from two of Canada’s biggest banks, and government measures aimed at accelerating major projects and attracting investment.

The two-day summit in Toronto running from Sept. 14 to 15 is hosted by the federal government in partnership with CPP Investments and the Public Sector Pension Investment Board, and includes global investors as well as political leaders, and representatives from the business community and the public service.

The summit includes roughly 300 CEOs and senior executives in attendance from Canada and around the world, including BlackRock CEO Larry Fink, Blackstone President Jon Gray, and senior executives from sovereign wealth funds in Singapore, Kuwait, Norway, Qatar, and the United Arab Emirates.

Here are some of the key announcements made on the first day the summit.

$52.5 Billion AI Data Centre Expansion

Bell and the Saskatchewan government announced the signing of a non-binding memorandum of understanding for an expansion of the telecommunication company’s AI data centre capacity beyond its already announced 300-megawatt project near Regina, Sask.

The company says the expansion could involve up to $52.5 billion in total capital investment for a planned 1.2-gigawatt AI infrastructure hub.

“It is going to deliver prosperity, it is going to keep control of the most important things in our lives,” Prime Minister Mark Carney said about the announcement, emphasizing that the project will help keep Canadian data within the country.

Carney added that the proposed expansion would be “the largest sovereign AI infrastructure network in Canada.”

Ottawa says the project could create roughly 4,500 jobs when construction, operations, and other related jobs are included.

Saskatchewan Premier Scott Moe also said the fact that the proposed expansion would store Canadian data domestically is a key part of its appeal.

“Do we build the infrastructure necessary to keep Canadian data in Canada? Or do we leave our data sovereignty in the hands of other countries?” he said.

Former prime ministers Stephen Harper and Jean Chrétien also joined the event for the announcement.

Bank Commitments

TD Bank and Scotiabank announced major financing and investment commitments aimed at supporting Canadian infrastructure and projects in key sectors.

TD Bank committed $150 billion over the next five years to new lending, underwriting, advisory, and other financing activities aimed at increasing investment in Canada, particularly in energy, critical minerals and resources, infrastructure, digital technology and AI, defence, and aerospace.

Scotiabank announced more than $100 billion in financing, underwriting, and investment in the next five years that it also says will support Canadian companies and projects, and also announced the launch of the Scotia Growth Institute.

The bank says the new initiative will conduct research and analysis focused on boosting economic competitiveness in Canada and across North America. The institute will be headed by lead strategic adviser Kirsten Hillman, who formerly served as Canadian ambassador to the United States before stepping down and being replaced by Mark Wiseman this past spring.

Tax Exemption

Speaking at the summit, Manitoba Premier Wab Kinew also announced that his province will waive provincial sales tax on major capital spending linked to development at the Port of Churchill on the western shore of Hudson Bay.

“We are here in Toronto to tell global investors that the Port of Churchill is open and ready to expand,” Kinew said at the event.

The provincial government said the exemption would apply to proposals involving a new energy corridor and liquefied natural gas facilities, upgrades to the railway serving Churchill, and expanded icebreaking capacity intended to support year-round shipping.

Representatives for the province also said they are pitching investors on numerous projects in Manitoba amounting to more than $85 billion in value including in agriculture, infrastructure, and mining.

The federal government also touted its advance income tax rulings program, with Finance Minister François-Philippe Champagne saying that priority will be given to issuing advance rulings for those who are investing $1 billion or more in Canada.

The program offers advance information on how the Canada Revenue Agency (CRA) will apply tax law to transactions being considered by a taxpayer that are then binding on the agency and the taxpayer, pursuant to the transaction facts remaining the same.

“By prioritizing advance tax rulings for investments of $1 billion or more, we are giving them the clarity and predictability they need to invest with confidence,” Champagne said.

The CRA said its standard timeline for issuing an advance ruling is “within 90 business days of receiving all essential information from the client.”

Ottawa previously said its advance rulings would prioritize requests pertaining to nation-building projects and federal economic priorities in its 2026 Spring Economic Update this past April, but has now established $1 billion as a further category that will receive priority attention.

Day two of the investment summit continues Sept. 15.