Toronto-Dominion Bank calls for tax reform to unlock Canada’s C$1.5 trillion investment boom

Canada’s largest bank by assets thinks the country is sitting on a massive investment opportunity, but only if Ottawa stops tinkering around the edges and commits to real structural change. Toronto-Dominion Bank’s economics team is pushing for sweeping tax and regulatory reforms, arguing they’re the missing ingredient for what could become a sustained investment supercycle north of the border. The C$1 trillion benchmark and why TD says it’s not enough Prime Minister Mark Carney’s federal budget laid out an ambitious target: approximately C$1 trillion in combined public and private investment over five years. The plan leans heavily on tax incentives directed at housing, infrastructure, and improving business competitiveness across critical sectors. Beata Caranci, TD’s chief economist, offered a notably lukewarm assessment. She characterized the budget’s approach as largely “unwinding previous bad policy,” suggesting the measures represent a correction rather than a genuine leap forward. TD Economics contends that the budget’s incentives amount to a partial improvement at best, falling short of the kind of deep, structural tax reform needed to truly unleash private-sector capital dep...