Canada has always been a nation of risk takers and builders. The country was originally forged by Indigenous peoples and voyagers, who mapped the continent, built vast trading networks from coast to coast to coast before the Americans had even left St. Louis. And by the early 1870s, the young Canada was a vast land of provinces bound together, has to be said mainly in name, a mere geographical expression in Sir John A. Macdonald’s memorable phrase. Facing at that time an economic depression and threats to our sovereignty from our southern neighbour, Canadians chose to build. And the Canadian Pacific Railway became the connective tissue of a new country. The Iron Spine from east to west, expanding Canada and bringing British Columbia into Confederation. Our resources were unlocked, our trade increased, our industries grew in a stronger, more united and more prosperous Canada emerged. The CPR itself, Canadian Pacific Railway, became one of the most profitable enterprises in the British Empire, and its founders, Lord Mount Stephen and Lord Strathcona, numbered amongst its wealthiest people.

Now today, Canada faces new challenges from a world that’s changing, not gradually but suddenly. Technological change is accelerating. The foundations of the international order, the order which Canada helped to build and from which we have long benefited, that order is crumbling, and many of our former strengths, built on our close ties to the United States have become our weaknesses. The U.S. has changed. That’s their right. And we are responding, that is our imperative. We are responding with speed and ambition, focusing on what we can control, which is to build our strength at home and diversify our partnerships abroad. Abroad, we’ve secured more than 20 economic and security partnerships across four continents in less than a year. We’re reengaging with global giants like India, China and Brazil. And we’re deepening our partnerships with our closest allies, including the European Union, the Nordic countries and Australia. As a result, we’re attracting the strongest investment in the G7, and we’re on track to double our non-U.S. exports within a decade. That’s $300 billion new orders for Canadian resources, goods and expertise. At home, we’re catalyzing a series of nation building projects in energy, trade, critical minerals, transport, data and beyond. We’ve announced 21 nation building initiatives that will connect, diversify and propel our economy through over $125 billion of new investment. We’re realizing Canada’s full potential in clean and conventional energies to power Canadian homes, build Canadian businesses, and reinforce Canadian sovereignty. We’re building a strong economy where everyone has a chance to get ahead, where we can take care of the vulnerable in our society, where we pull together to make life more affordable today and better tomorrow. These are still early days, but we’re already delivering results.

We have already submitted 21 projects and strategies to the Major Projects Office: ports, highways, mines, and trade and energy corridors. Last year, construction began on the new Darlington nuclear power plant in Ontario. Earlier this month, we kicked off the Contrecœur Terminal expansion project at the Port of Montreal. A project that has been debated for more than four decades is finally under construction. And we have just approved the Sunrise Expansion Program. By increasing the capacity of British Columbia’s main natural gas transmission system, the $4-billion project will help meet the province’s growing energy demand. This summer, we will launch the Mackenzie Valley Highway Project in the Northwest Territories, a project I’ve been hearing about since I was a child. We have signed 56 agreements on critical minerals with more than 10 countries. These agreements will help unlock $18.5 billion for critical minerals projects in Canada. And we’re just getting started. We’re building projects across our vast country, from LNG facilities in British Columbia to mines in Saskatchewan and New Brunswick, to a new high-speed rail line connecting Toronto to Quebec City, as well as Canada’s first major offshore wind project, off the coast of Nova Scotia.

Tomorrow, the Minister of Finance will release our first spring update, and it will show how Canada’s new government is combining responsible fiscal management with new measures to ensure that all Canadians can participate in building a more independent and a more resilient Canadian economy. Building Canada strong means building a Canada where everyone has a stake, where growth is shared, and where prosperity reaches every region, every community, and every family. So today, we’re proud to announce a new pillar of our plan, the Canada Strong Fund, Canada’s first national sovereign wealth fund. This will be a Government of Canada fund, but more importantly, this will be a people’s fund. It will be your fund.

Canada’s new government is creating a new sovereign wealth fund that will invest in major, ambitious Canadian projects including initiatives in the energy, infrastructure, mining, agriculture, and technology sectors, alongside private investors. And for the first time in Canada’s history, Canadians will not only be helping to bring these projects to fruition—they will also benefit directly from their economic returns. The Canada Strong Fund will enable us to build strategically, in partnership with Canadians.

So, here is how it works. The Sovereign wealth fund is essentially a national savings and investment account. It’s designed to grow wealth for future generations of Canadians. Many countries, many countries that are blessed with natural resources, like Norway, have sovereign wealth funds. Canada hasn’t had one until now. The new Canada Strong Fund will give all Canadians a direct stake in building Canada strong. Now, to be clear, just like with the construction of the Canadian Pacific Railway 150 years ago, Canada’s major projects will mostly be built by private companies. And just as in the 1870s, the federal government will support these projects through loans, grants and other incentives. And we do this because these projects have wider benefits to our economies, benefits that exceed the private returns. Give you an example. Expanding the Port of Montreal Contrecoeur will unlock new markets for thousands of Canadian businesses and create hundreds of thousands of jobs for Canadian workers. So, until now, well, those wider benefits flow to the Canadian economy, flow to our country. The financial returns of the projects themselves flowed only to those who built and ran them. That changes today. When the CPR was built, the government of the day granted a private monopoly to the company. Today, to create wealth for Canadians today and our kids tomorrow, the Canada Strong Fund will invest alongside the private sector in nation building projects on a fully commercial basis. We will begin with an initial endowment of $25 billion. Over time, the fund will grow through asset recycling and reinvestment, creating even greater opportunities for future generations.

We will also do something, something else that’s new and important. For those Canadians who want to participate in an even more direct way, we will make it easy for individual Canadians to invest in the fund and therefore own a small piece of nation building projects and sharing their returns. The fund will be professionally managed and operate as an arm’s length, independent Crown corporation. And we’ll will consult over the coming months on the specific aspects of the fund. But one thing is sure, it will be accessible to everyone, not just a few, because the Canada Strong Fund is about solidarity amongst Canadians no matter where they live. So, whether a project is in Alberta, Quebec or in the far north, high north, all Canadians will have a stake, because this is about ensuring that you and your children and your children’s children benefit from the prosperity that we are creating today. You know, in many ways, we’re walking today the same path as our predecessors did. We have the same conviction that ambition and drive can change the course of a nation. We have the same catalytic role for government to make nation building projects happen. We have the same reliance on private enterprise to build and run these businesses, but at the same time, we’ve also learned from our past. The Canadian Pacific Railway transformed Canada, but it did so in a way that also left deep scars. Indigenous peoples were displaced from their lands. Thousands of workers toiled in appalling conditions, and the wealth that was created accrue to the few, not the many. Three things are different this time. This time, we are building with indigenous peoples as full partners, ensuring meaningful indigenous ownership and major economic benefits. This time, we are building in solidarity with Canadian workers, creating hundreds of thousands of high paying union jobs. And this time, for the first time in our history, every Canadian will hold a direct stake in what’s built, because we know that nation building is not just about what we build, it’s also about how we build. We are building together with all Canadians, for all Canadians.

We are building a stronger, more independent, and more resilient economy for everyone.A future that is not just strong, but promising as well.A Canada that is not only prosperous, but fair.A Canada that’s not just reserved for a few, but is for everyone, at all times. Jean Lesage, the father of modern Quebec, said: “Our historical and geographical situation has forced us to become what we are: we now want to be what we can become.”It’s this same philosophy that inspires us today to create the Canada Strong Fund.Thanks to this fund, every Canadian will share in the benefits of these major projects.These are our natural resources, our workforce, and our wealth.This is the best way to be masters in our own home.We are building Canada strong, for everyone.A Canada where everyone benefits.Where everyone can participate.

It’s our country. It’s your future. We’re building by Canadians for all Canadians. We are building Canada strong for all. Thank you very much.

Canada has always been a nation of risk takers and builders. The country was originally forged by Indigenous peoples and voyagers, who mapped the continent, built vast trading networks from coast to coast to coast before the Americans had even left St. Louis. And by the early 1870s, the young Canada was a vast land of provinces bound together, has to be said mainly in name, a mere geographical expression in Sir John A. Macdonald’s memorable phrase. Facing at that time an economic depression and threats to our sovereignty from our southern neighbour, Canadians chose to build. And the Canadian Pacific Railway became the connective tissue of a new country. The Iron Spine from east to west, expanding Canada and bringing British Columbia into Confederation. Our resources were unlocked, our trade increased, our industries grew in a stronger, more united and more prosperous Canada emerged. The CPR itself, Canadian Pacific Railway, became one of the most profitable enterprises in the British Empire, and its founders, Lord Mount Stephen and Lord Strathcona, numbered amongst its wealthiest people.

Now today, Canada faces new challenges from a world that’s changing, not gradually but suddenly. Technological change is accelerating. The foundations of the international order, the order which Canada helped to build and from which we have long benefited, that order is crumbling, and many of our former strengths, built on our close ties to the United States have become our weaknesses. The U.S. has changed. That’s their right. And we are responding, that is our imperative. We are responding with speed and ambition, focusing on what we can control, which is to build our strength at home and diversify our partnerships abroad. Abroad, we’ve secured more than 20 economic and security partnerships across four continents in less than a year. We’re reengaging with global giants like India, China and Brazil. And we’re deepening our partnerships with our closest allies, including the European Union, the Nordic countries and Australia. As a result, we’re attracting the strongest investment in the G7, and we’re on track to double our non-U.S. exports within a decade. That’s $300 billion new orders for Canadian resources, goods and expertise. At home, we’re catalyzing a series of nation building projects in energy, trade, critical minerals, transport, data and beyond. We’ve announced 21 nation building initiatives that will connect, diversify and propel our economy through over $125 billion of new investment. We’re realizing Canada’s full potential in clean and conventional energies to power Canadian homes, build Canadian businesses, and reinforce Canadian sovereignty. We’re building a strong economy where everyone has a chance to get ahead, where we can take care of the vulnerable in our society, where we pull together to make life more affordable today and better tomorrow. These are still early days, but we’re already delivering results.

We have already submitted 21 projects and strategies to the Major Projects Office: ports, highways, mines, and trade and energy corridors. Last year, construction began on the new Darlington nuclear power plant in Ontario. Earlier this month, we kicked off the Contrecœur Terminal expansion project at the Port of Montreal. A project that has been debated for more than four decades is finally under construction. And we have just approved the Sunrise Expansion Program. By increasing the capacity of British Columbia’s main natural gas transmission system, the $4-billion project will help meet the province’s growing energy demand. This summer, we will launch the Mackenzie Valley Highway Project in the Northwest Territories, a project I’ve been hearing about since I was a child. We have signed 56 agreements on critical minerals with more than 10 countries. These agreements will help unlock $18.5 billion for critical minerals projects in Canada. And we’re just getting started. We’re building projects across our vast country, from LNG facilities in British Columbia to mines in Saskatchewan and New Brunswick, to a new high-speed rail line connecting Toronto to Quebec City, as well as Canada’s first major offshore wind project, off the coast of Nova Scotia.

Tomorrow, the Minister of Finance will release our first spring update, and it will show how Canada’s new government is combining responsible fiscal management with new measures to ensure that all Canadians can participate in building a more independent and a more resilient Canadian economy. Building Canada strong means building a Canada where everyone has a stake, where growth is shared, and where prosperity reaches every region, every community, and every family. So today, we’re proud to announce a new pillar of our plan, the Canada Strong Fund, Canada’s first national sovereign wealth fund. This will be a Government of Canada fund, but more importantly, this will be a people’s fund. It will be your fund.

Canada’s new government is creating a new sovereign wealth fund that will invest in major, ambitious Canadian projects including initiatives in the energy, infrastructure, mining, agriculture, and technology sectors, alongside private investors. And for the first time in Canada’s history, Canadians will not only be helping to bring these projects to fruition—they will also benefit directly from their economic returns. The Canada Strong Fund will enable us to build strategically, in partnership with Canadians.

So, here is how it works. The Sovereign wealth fund is essentially a national savings and investment account. It’s designed to grow wealth for future generations of Canadians. Many countries, many countries that are blessed with natural resources, like Norway, have sovereign wealth funds. Canada hasn’t had one until now. The new Canada Strong Fund will give all Canadians a direct stake in building Canada strong. Now, to be clear, just like with the construction of the Canadian Pacific Railway 150 years ago, Canada’s major projects will mostly be built by private companies. And just as in the 1870s, the federal government will support these projects through loans, grants and other incentives. And we do this because these projects have wider benefits to our economies, benefits that exceed the private returns. Give you an example. Expanding the Port of Montreal Contrecoeur will unlock new markets for thousands of Canadian businesses and create hundreds of thousands of jobs for Canadian workers. So, until now, well, those wider benefits flow to the Canadian economy, flow to our country. The financial returns of the projects themselves flowed only to those who built and ran them. That changes today. When the CPR was built, the government of the day granted a private monopoly to the company. Today, to create wealth for Canadians today and our kids tomorrow, the Canada Strong Fund will invest alongside the private sector in nation building projects on a fully commercial basis. We will begin with an initial endowment of $25 billion. Over time, the fund will grow through asset recycling and reinvestment, creating even greater opportunities for future generations.

We will also do something, something else that’s new and important. For those Canadians who want to participate in an even more direct way, we will make it easy for individual Canadians to invest in the fund and therefore own a small piece of nation building projects and sharing their returns. The fund will be professionally managed and operate as an arm’s length, independent Crown corporation. And we’ll will consult over the coming months on the specific aspects of the fund. But one thing is sure, it will be accessible to everyone, not just a few, because the Canada Strong Fund is about solidarity amongst Canadians no matter where they live. So, whether a project is in Alberta, Quebec or in the far north, high north, all Canadians will have a stake, because this is about ensuring that you and your children and your children’s children benefit from the prosperity that we are creating today. You know, in many ways, we’re walking today the same path as our predecessors did. We have the same conviction that ambition and drive can change the course of a nation. We have the same catalytic role for government to make nation building projects happen. We have the same reliance on private enterprise to build and run these businesses, but at the same time, we’ve also learned from our past. The Canadian Pacific Railway transformed Canada, but it did so in a way that also left deep scars. Indigenous peoples were displaced from their lands. Thousands of workers toiled in appalling conditions, and the wealth that was created accrue to the few, not the many. Three things are different this time. This time, we are building with indigenous peoples as full partners, ensuring meaningful indigenous ownership and major economic benefits. This time, we are building in solidarity with Canadian workers, creating hundreds of thousands of high paying union jobs. And this time, for the first time in our history, every Canadian will hold a direct stake in what’s built, because we know that nation building is not just about what we build, it’s also about how we build. We are building together with all Canadians, for all Canadians.

We are building a stronger, more independent, and more resilient economy for everyone.A future that is not just strong, but promising as well.A Canada that is not only prosperous, but fair.A Canada that’s not just reserved for a few, but is for everyone, at all times. Jean Lesage, the father of modern Quebec, said: “Our historical and geographical situation has forced us to become what we are: we now want to be what we can become.”It’s this same philosophy that inspires us today to create the Canada Strong Fund.Thanks to this fund, every Canadian will share in the benefits of these major projects.These are our natural resources, our workforce, and our wealth.This is the best way to be masters in our own home.We are building Canada strong, for everyone.A Canada where everyone benefits.Where everyone can participate.

It’s our country. It’s your future. We’re building by Canadians for all Canadians. We are building Canada strong for all. Thank you very much.