Budget reveals details about how to invest in Mark Carney’s sovereign wealth fund - Toronto Star

The government unveiled a nationwide program Thursday — starting in “early 2027” and dubbed “Canada Strong Notes” — under which Canadians can invest in the Canada Strong Fund.

Prime Minister Mark Carney speaks reporters on Parliament Hill on Nov. 5, 2026.

OTTAWA — Thursday’s federal budget fleshed out details about how Prime Minister Mark Carney’s sovereign wealth fund will work — including how it will only be allowed to invest in Canada, and how Canadians will be guaranteed not to lose any money they invest in it.

The government unveiled a nationwide program Thursday — starting in “early 2027” and dubbed “Canada Strong Notes” — under which Canadians can invest in the Canada Strong Fund.

Promising that further details will be available soon, the budget characterizes the fund as being as easy to take part in as any other investment opportunity.

Canadians will be able to simply go to a bank with any questions about how it will work, the budget says, and can expect options to invest for up to 10 years while receiving annual interest payments on top of guarantees on initial investments.

Backed with $25 billion over three years from general federal revenues, the fund will be geared to make two types of investments.

The first, called “co-investments,” will put money into private sector developments or those backed by the government’s Major Projects Office or other federal agencies. That could open the door to potentially backing the controversial Pacific Link oil pipeline from Alberta to British Columbia, although the budget doesn’t say so explicitly.

The fund will also target “strategic investments” to build up Canadian industry through the purchase of direct ownership stakes, such as Ottawa’s recent investment of $1.6-billion in the AI company Cohere.

The budget signals the fund could also jump in on the Carney government’s plan to privatize operations of major airports, through purchasing equity stakes or by cashing in on privatization to invest in other Canadian projects.

The plan is to position the fund alongside other commercial private-sector investors and keep its governance arms-length, with the budget laying out plans to pass legislation that will establish it as an independent Crown corporation with a dedicated board of directors.