How do we engineer the great Canadian comeback?

This article first appeared as an opinion piece in The Globe and Mail. 

The threat of tariffs from our closest ally and largest trading partner has ignited a surge in patriotism and sparked a national discussion about the urgent need to bolster our economic security and competitiveness. But no matter how passionately Canadians may agree on the goals, we must engineer specific actions if we hope to seize this vital moment. 

First, we need an emphasis on financial and human capital, the lifeblood of any plans to build infrastructure, accelerate growth and attract new and expanding industries. 

We need more financial capital flowing to the industries of tomorrow. Our mining industry made masterful use of flow-through shares to attract and allocate capital to discovery and innovation, contributing to our status as a global leader. These shares allow a company to flow certain expenses through to the investor, who can then claim a tax deduction. We should give serious consideration to replicating this success by using flow-through shares to drive growth capital to industries such as health care, technology and artificial intelligence. 

And as we accelerate our investments toward our NATO commitments, a flow-through financing construct would also help us build a modern defence industry on Canadian soil. 

As these industries scale, they can better attract further outside investment to accelerate momentum. 

As for human capital, we offer world-class education but need incentives for talented young people with a Canadian degree to build careers here in the fields we need most. Start here, stay here. 

Nova Scotia introduced a program offering a provincial income tax rebate on the first $50,000 earned by new graduates in skilled trades. This policy should be extended federally and expanded to other high-growth fields. 

We should also extend registered education savings plans to be lifelong learning vehicles, so Canadians of any age can invest in revitalizing their skills. 

Another key element in helping young Canadians put down roots is having a path to home ownership. Waiving development charges and the GST for first-time home buyers, as well as repurposing unused government-owned land for housing development, would be a good start. This must be augmented by new ideas such as shared equity ownership to allow younger Canadians to enter the housing market sooner. 

These are quick wins. They require minimal preparation or consultation and quickly generate financial capital for growth while incentivizing the talent we need. 

Second, we need to create the conditions for success inside our borders. We can and should start with eliminating internal trade barriers – a topic that has clearly gained momentum in recent weeks. 

Beyond that, Canada was built by doing big things, such as constructing a transcontinental railroad through one of the most vast and rugged terrains on Earth. We must revive that spirit of ambition. 

One step toward that goal is to repeal Bill C-69 so that impact assessments at the provincial level are sufficient to move infrastructure projects forward. The current layering of decisions is an anvil to progress, holding us back and costing us dearly economically and in our standing in the world. 

We also need to celebrate decisions that help our country move forward, especially those that cross provincial lines and include Indigenous communities, such as the recent agreement between Quebec and Newfoundland and Labrador for hydropower. This is a game changer: It creates jobs, provides a stable cost for power for many sectors and includes growth and expansion plans. 

Third, we need to demonstrate action to the outside world. The message needs to be clear: Canada is back. 

Asserting our position as the world’s most responsible producer of natural resources is a good place to start. Creating more east-west pipeline capacity will open new markets, diversify our economy, increase national revenues, create high-paying jobs and help supply the world with reliable, responsibly sourced energy.

Let’s also get serious about building our Northern economy. One nation-building project that would send a clear sign to the world about Canada’s desire to compete and do big things is the Grays Bay Road and Port initiative. It would connect Nunavut to the national highway and rail systems in the Northwest Territories. Grays Bay would be a deep-water port that would serve the dual purpose of shipping our natural endowments to global markets and establishing a formidable Canadian naval base, contributing to our NATO commitments. 

 More broadly, there remains substantial opportunity to work alongside Indigenous communities to create partnerships to better leverage our natural resources for shared prosperity. 

As a country, we can and should take immediate action to protect and build our capital for investment, create the conditions for success at home and show the world we are a good investment for the long term. 

We’ve been falling behind for too long. It’s time to engineer the great Canadian comeback.