Canada is making one of its boldest economic bets in decades. The Building Canada Act, passed this summer, empowers Ottawa to designate “Projects of National Interest” and fast-track their approvals. Coupled with a new Major Projects Office, a $5B Strategic Response Fund, and a broader “Buy Canadian” initiative, the federal government has laid out a plan to strengthen sovereignty and reduce reliance on volatile U.S. trade channels.
It’s a nation-building moment. But here’s the catch: mega projects are rarely killed by engineering. They stall when capital dries up, approvals get stuck, or leadership falters. That’s where Canadians need to look beyond bricks and mortar—and start modernizing how we fund and lead the projects that will shape our future.
What the “Buy Canadian” Agenda Means in Practice
The government has already named early projects for acceleration. The Contrecœur terminal expansion at the Port of Montréal will boost container capacity by nearly 60%, unlocking billions in trade growth. The Eastern Energy Partnership proposes 5,000 MW of new hydro and 24 TWh of transmission upgrades, stitching Atlantic grids together into a modernized corridor.
At the same time, Ottawa is doubling down on domestic procurement and trade diversification. By tying funding to Canadian content, the Strategic Response Fund creates both opportunity and pressure: companies that align quickly will benefit, while laggards risk being left out.
For workers and communities, this can mean thousands of high-paying jobs. For investors, it creates long-duration assets that generate predictable returns. For Canada, it means resilience in the face of tariffs, supply shocks, and currency swings.
Where the Gaps Still Exist
Despite the scaffolding, the challenges are clear:
- Capital at Risk. With the Bank of Canada cutting its policy rate to 2.5%, borrowing is cheaper. But lenders still price governance, execution, and political durability. Weak leadership costs more than high interest rates.
- Declining Business Dynamism. Canada’s rate of firm creation has been falling for decades, with Statistics Canada warning of reduced entrepreneurship and competitiveness. Without new vehicles for early capital, fewer firms get off the ground.
- Global Competition. The Canadian dollar just saw its largest weekly decline since February. For international partners, Canada’s assets look cheaper—but unless our projects are “investment ready,” capital will flow elsewhere.
In short, we’ve built the policy framework—but without modern capital formation tools and leadership capacity, we risk missing the moment.
Why Flow-Through Logic Belongs in the Conversation
For fifty years, Flow-Through Shares (FTS) have been Canada’s most effective innovation in early-stage finance. They allow investors to deduct resource exploration expenses from taxable income, funneling over $1B annually into mining without draining government coffers.
So why hasn’t Canada extended this proven model to tech, clean tech, and life sciences? These sectors now define global competitiveness—and they’re just as capital-hungry and risky in their early stages as mining ever was.
Imagine if founders building the software to run ports, or the grid AI for interties, had access to FTS incentives. Suddenly, private capital would flow into the very companies Canada needs to staff, power, and operate its nation-building projects.
Extending FTS isn’t just a startup issue. It’s an infrastructure multiplier.
The Leadership Angle
Every policy shift eventually comes down to people. Nation-building projects require Program CEOs, finance leaders, and stakeholder negotiators capable of managing billions in capital, compressing schedules, and navigating Indigenous partnerships.
The same is true for innovation ecosystems. Canada needs leaders who can turn early-stage capital into scaled firms that plug directly into the “Buy Canadian” economy. Without tools like FTS to attract that capital, too many of those leaders will build their companies elsewhere—or not at all.
The Path Ahead
Canada has the frameworks in place: the Building Canada Act, the Major Projects Office, and the Buy Canadian initiative. The missing link is the capital system that matches ambition with action.
That’s why we’re calling for Canadians—from policymakers to founders to investors—to back the push to extend Flow-Through Shares to technology and innovation. It’s a proven model that can unlock private risk capital, accelerate national projects, and secure Canada’s leadership in the 21st century.
Take 60 seconds today to make your voice heard. Complete the FTS Readiness Survey and share it with your network. Every response helps us show that Canadians are ready for smarter, more resilient capital formation.
And if you’re interested in how executive leadership plays into this new build era, visit our partners at Perry-Martel International, who specialize in finding the leaders who can deliver at national scale.
