Statement on the Election of Prime Minister Mark Carney

Canada has the people, ideas, and ambition to win in a rapidly changing global economy, led by the Toronto Region, the country’s largest and most diverse urban centre. It will take bold leadership and decisive action to turn today's challenges into a springboard for lasting economic growth.

Navigating damaging tariffs and additional new threats from the United States will be Job One, but so too will be dismantling longstanding barriers to growth at home.

We call on Prime Minister Carney and all other party leaders to work collaboratively to rebuild investor confidence, strengthen productivity, and deliver the bold economic reforms that will allow Canadian businesses to thrive.

“A more prosperous and competitive Canada must start with this election. We must systemically – not piecemeal – invest in our own growth,” said Giles Gherson, President & CEO of the Toronto Region Board of Trade. “The current environment of economic uncertainty is putting a spotlight on the urgent need to finally fix Canada’s convoluted regulatory system, build a super competitive tax environment, and recharge our economy from the ground up — especially in the Toronto region, which represents 20 per cent of Canada’s economy.”

In our recent paper, Complacency to Competitiveness: A Blueprint for Canada’s Economic Future, the Board laid out a clear vision for restoring Canada’s economic vision. We were glad to see economic growth prioritized during the election campaign. As the new government begins its mandate, we are calling for urgent action in five priority areas:

Push Back Against Protectionism and Expand Trade Horizons

Combat unjustified U.S. tariffs and reduce reliance on a single market by developing strategic export action plans enabling Canada’s businesses to reap full advantage from each of our 15 free trade agreements with 51 countries. Canada must act now to diversify its trading relationships and empower businesses of all sizes to compete internationally.

Modernize Regulation and Fix the Tax System

Regulate for growth by overhauling outdated, burdensome, and overly prescriptive regulatory frameworks; and create a tax environment that encourages companies to grow and stay in Canada. Businesses need predictability and competitiveness to invest with confidence.

Invest in Infrastructure and Mobility

Accelerate the delivery of transit, housing for the middle class, and energy infrastructure. In major urban centres like Toronto decades of underinvestment have contributed to the costly gridlock and high costs that are already holding back growth.

Fuel Innovation and Capital Investment

Reverse the outflow of Canadian investment capital and scale Canadian innovation through venture funding and commercialization.

Unleash Canada’s Economic Potential

Complete the long-overdue project of creating a single Canadian market by eliminating interprovincial trade barriers and harmonizing standards across jurisdictions. Some provinces, led by Ontario, Nova Scotia and New Brunswick, are already moving ahead on this; the federal government must continue to create the forum to get the job done, while also continue to eliminate its own duplicative regulations and other barriers.

We also need to take decisive action to build the infrastructure required to extract critical minerals and transport our natural resources from west to east – which will lay the foundation for a more resilient economy.

Canada has the people, ideas, and ambition to lead. But that leadership will only be realized through decisive, system-wide reform. We encourage the Prime Minister and his government to act swiftly and ambitiously: not just to manage risk, but to seize opportunity. 

We look forward to working with the new federal government to deliver a high-growth, competitive economic future for Canada.