Raymond Gatcliffe, second from left, spoke at the Intersect 2026 conference on Wednesday.Fred Lum/The Globe and Mail
Citibank Canada C-N chief executive officer Raymond Gatcliffe says Ottawa must speed up approvals and reduce regulatory barriers to help businesses grow and compete as global partnerships are being redrawn.
The federal government has committed to fast-tracking major infrastructure projects and investing in economic development, but business leaders have cautioned that those measures are not being deployed fast enough.
Speaking at The Globe and Mail’s Intersect conference in Toronto on Wednesday, Mr. Gatcliffe said Canada has about two years – not five or 10 – to make the most of a “once in a generation opportunity.”
The traditional global rules-based order has given way, and now every country must do what it has to do, Mr. Gatcliffe said.
Multilateral systems and trade agreements have “been disrupted, and therefore, governments have to recognize that and do what is necessary to win in this period where those things have receded,” Mr. Gatcliffe said.
“For startups to win and for larger companies to win and really compete, you need to have the benefit of a regulatory environment that is going to make way, approval mechanisms that are going to be quick, the commitment of capital from the government to step in and really to boost the opportunity that Canada has.”
When Mr. Gatcliffe speaks with Canadian businesses, he often hears concerns over steep regulatory hurdles and barriers to competitiveness.
He said the federal government should adjust its tax policies to attract more foreign capital.
Ottawa should also adjust the capital gains tax to be more competitive with other countries and take direct investment stakes in the projects it deems essential for economic growth to prove to global partners that it is committed to them.
“They must do it quickly, and that really would differentiate Canada in an exceptional way,” Mr. Gatcliffe said.
Brice Scheschuk, managing partner at Globalive Capital, which owns Wealth One Bank of Canada, also recommended Canada should overhaul certain tax policies to avoid pushing entrepreneurs to leave.
He said Canada should “eliminate capital gains tax on early-stage investing.” He also suggested introducing a capital gains tax on the sale of primary residences with “a very big exemption for the average Canadian.” Together, he said, those policy changes would give wealthy people more incentive to invest in startups.
Canadian Imperial Bank of Commerce CM-T CEO Harry Culham told the conference that to retain investment in Canada, Ottawa must adjust regulations and streamline approval processes.
“Progress is being made but we need to do much more, because capital will not stay if we don’t have some uncertainty,” he said. “We need to do things in months and hours, and we all know that, and we’re all working diligently, either behind the scenes or in front, to try to make some of these things happen.”
First Nations Bank CEO says Indigenous communities need more access to capital
Many of Ottawa’s projects pegged for fast-track status will require buy-in from Indigenous groups, which business leaders have said will also provide those communities with economic opportunities.
First Nations Bank of Canada CEO Bill Lomax said that access to financing is improving for projects involving Indigenous communities.
The lender partners with the Canada Infrastructure Bank and the Business Development Bank of Canada to help Indigenous communities access capital.
Mr. Lomax said the Canada Indigenous Loan Guarantee Program – which the government announced in 2024 to provide loan guarantees to facilitate increased direct First Nations ownership in resource projects – is “just starting to really get up and running.”
However, these measures fall short of providing comprehensive support for Indigenous communities across Canada. Capital needs to be made available beyond the government’s major initiatives, he said.
“While there’s a percentage of the Nations across the country that will be involved in major projects, it’s a small percentage, and so there’s a wide number of Nations across country that won’t have a major project in their territory, but still need opportunities to build businesses to be entrepreneurial,” Mr. Lomax said.
With a file from Meera Raman