As global economic dynamics shift, business leaders in Canada are urging the federal government to take decisive action in streamlining regulations and expediting project approvals. Speaking at The Globe and Mail’s Intersect 2026 conference in Toronto, Citibank Canada’s CEO Raymond Gatcliffe highlighted the pressing need for Canada to seize a rare opportunity for growth within the next two years.
A Window of Opportunity
Gatcliffe emphasised that Canada is facing a crucial period in which it must adapt to a changing global landscape. With the traditional rules-based international order undergoing significant disruptions, he warned that time is of the essence. “We have about two years—not five or ten—to capitalise on this once-in-a-generation opportunity,” he stated.
He urged the government to recognise the need for a more agile regulatory environment that promotes competition within both startups and established businesses. To facilitate this, he called for quicker approval processes and increased government investment in key sectors.
The Need for Tax Reforms
The call for action didn’t stop at regulatory changes. Gatcliffe suggested that Ottawa should also revisit its tax framework to attract foreign investment. He proposed adjustments to the capital gains tax, aiming to make Canada more appealing to global investors. “They must act swiftly, and this would set Canada apart remarkably,” he insisted.
Echoing these sentiments, Brice Scheschuk, managing partner at Globalive Capital, argued for a comprehensive overhaul of tax policies that currently hinder entrepreneurial growth. He proposed eliminating capital gains tax on early-stage investments and introducing a new capital gains tax on primary residences, albeit with significant exemptions to protect ordinary Canadians. “These changes would incentivise wealthy individuals to invest in startups,” he explained.
Streamlining Approvals for Investment Retention
Harry Culham, CEO of the Canadian Imperial Bank of Commerce, also weighed in on the necessity of regulatory reform. He acknowledged some progress but stressed the urgency for further action, stating, “We need to make decisions in months, not years. Certainty is crucial for capital to remain in Canada.”
He highlighted a collaborative effort among business leaders to push for a more efficient regulatory framework that reflects the fast-paced demands of the current market environment.
Enhancing Opportunities for Indigenous Communities
The discourse at the conference also touched upon the importance of integrating Indigenous communities into Canada’s economic framework. Bill Lomax, CEO of the First Nations Bank of Canada, pointed out that while access to capital for Indigenous projects is improving, it still falls short of meeting the broad needs of all Indigenous communities.
He noted that the Canada Indigenous Loan Guarantee Programme, launched in 2024, is only just beginning to gain traction. However, many Indigenous Nations remain without significant projects in their territories and require broader access to entrepreneurial opportunities. “There’s a vast number of Nations that need support to build businesses, not just those involved in major projects,” Lomax stressed.
Why it Matters
The discussions at the Intersect 2026 conference underline a critical juncture for Canadian businesses. With the global economy in flux, the ability of Canada to adapt its regulatory and tax environments will determine its position in the international marketplace. The suggested reforms not only aim to foster a more competitive landscape but also highlight the need for inclusive growth that benefits all sectors of society, including Indigenous communities. As the world evolves, Canada must act decisively to ensure it remains an attractive destination for investment and innovation.