GOVERNMENT FUNDING & NEWS
Parliament passes the Liberal government’s major projects legislation
The Liberal government's major projects legislation was passed in the House of Commons as MPs wrapped up the spring parliamentary sitting.
Bill C-5, the One Canadian Economy Act: An Act to enact the Free Trade and Labour Mobility in Canada Act and the Building Canada Act, essentially gives the federal cabinet the ability to pick certain projects to speed through the regulatory process, with an eye to projects that can deliver an economic boost to Canada, help strengthen the country's autonomy and resilience, "advance the interests of Indigenous Peoples," and contribute to "clean growth."
Once a project is deemed in the national interest, it will go through existing review processes, with a focus on “how” the project will be built as opposed to “whether” it can be.
Project proponents would still be required to provide the requisite information to federal agencies and departments, including the Impact Assessment Agency.
The new federal major projects office will coordinate and expedite these reviews and one designated minister would issue a single “conditions document” constituting a permit, decision or authorization under all applicable statutes.
The government hasn't said what exactly would be fast-tracked under this legislation – and there are no specific projects mentioned in the bill itself.
However, Prime Minister Mark Carney has signalled support for new energy "corridors" in the east and west, which could include pipelines and electricity grids, new and expanded port facilities, mines and other resource-related initiatives.
Indigenous and environmental groups, along with MPs – some within the Liberal Party – and senators raised concerns that the bill is being rushed through Parliament and will grant cabinet sweeping powers to override other laws to plow ahead with industrial projects favoured by the government of the day.
"These projects will build our national economy, and through Indigenous equity and resource management, these projects will be built with Indigenous nations and communities," Carney said outside the House chamber after the bill was passed.
Carney promised to hold "summits" regarding the legislation with Indigenous leaders starting next month.
The Assembly of First Nations (AFN) held a national virtual forum on Bill C-5 on June 16.
During the discussion, Chiefs raised strong concerns over the rushed legislative process, lack of meaningful consultation, narrowly defined national interest that excludes First Nations priorities and perspectives, a failure to support First Nations priorities such as closing the infrastructure gap, and the broader implications for rights and jurisdiction, the AFN said in a statement.
“Speakers emphasized that Bill C-5 represents a significant step backward in the Crown-First Nations relationship and questioned the federal rationale to once again sidestep their obligations to First Nations rights holders.”
Bill C-5 now moves to Canada’s Senate for consideration. CBC News, Assembly of First Nations
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Canada’s privacy watchdog lacks U.K. counterpart’s “bite” to levy fines against companies
The federal Privacy Commissioner’s lack of enforcement powers came into the spotlight after a joint investigation with his U.K. counterpart into the 23andMe data breach, which saw the British watchdog able to levy a fine while the Canadian one could not.
The two commissioners – Canada’s Philippe Dufresne and the U.K.’s John Edwards – announced the results of an investigation into the global DNA tester’s loss of information, which affected about seven million customers, including nearly 320,000 Canadians.
The investigation revealed that 23andMe failed to implement appropriate controls to protect against unauthorized access to highly sensitive personal data and did not have effective systems in place to monitor, detect or respond to cyberthreats targeting its customers’ sensitive information, Dufresne said.
The company’s response as the incident unfolded was also inadequate, he said. The firm failed to properly investigate signals that a breach may be occurring, including a credible claim that customer data had been stolen.
Edwards said his office was levying a fine of £2.31-million ($4.26-million) against 23andMe for the mishandling of sensitive data.
“Commissioner Edwards has the authority to issue fines and orders. This is something that exists broadly around the world in privacy authorities and it is something that is necessary,” Dufresne said. “Unfortunately, Canadian privacy law does not yet provide this to me.”
Dufresne said he had been advocating for more authority for his office since he was appointed in 2022 and has called for modernized laws that would bring Canada in line with its global partners.
The federal government has vowed repeatedly over the years to update privacy legislation for the digital age, given that existing law is decades old and out of date with the scale of modern data collection by globe-spanning technology companies.
However, the Liberals’ platform under Mark Carney did not make any promises to update privacy laws in the recent election. The Globe and Mail, Office of the Privacy Commissioner of Canada
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The Government of Canada is proceeding with the digital services tax on big tech companies set to take effect on June 30, despite pressure on Ottawa to pause the tax ahead of trade discussions with the United States. Finance Minister François-Philippe Champagne said the legislation was passed by Parliament and Canada is “going ahead” with the tax. The digital services tax, which applies to digital service providers with over $20 million in revenue, will hit companies like Amazon, Google, Meta, Uber, and Airbnb with a three-percent levy on revenue from Canadian users. It will apply retroactively, leaving U.S. companies with a US$2-billion bill due at the end of this month. A June 11 letter signed by 21 members of Congress said U.S. companies will pay 90 percent of the revenue Canada will collect from the tax. Canadian and U.S. business groups, organizations representing U.S. tech giants, and American members of Congress have all signed letters in recent weeks calling for the tax to be eliminated or paused. The Canadian Venture Capital and Private Equity Association co-authored a letter, with five other business groups, to Prime Minister Mark Carney calling for a pause in collecting the digital services tax and warning of the U.S. proposing a tax hike for Canadian investors in retaliation. The digital services tax is set to take effect just weeks before a deadline Canada and the U.S. have set for coming up with a new trade deal, following months of trade conflict between the two countries. Other countries, including France and the United Kingdom, also have digital service taxes in place. The Canadian Press
Competition Bureau Canada, in a market study report, makes recommendations to governments for increasing competition in Canada’s domestic airline industry. The Bureau’s study found that despite the recent entry and expansion of new airlines, the domestic market remains highly concentrated and competition from new sources remains fragile. At major airports across the country, Air Canada and WestJet together account for roughly half to three-quarters of all domestic passenger traffic. The Bureau’s report outlines three areas of focus for governments to create the right conditions for competition in the industry. These are:
The Bureau recommends allowing up to 100-percent foreign ownership for airlines that only fly within Canada, as well as increasing the foreign ownership limit for any one investor to 49 percent from 25 percent.
More competition in the airline industry would mean lower prices, more options and better service for Canadians, the Bureau said. The Bureau found that when just one new competitor flies on a route between two cities, airfares go down by nine percent on average, highlighting the benefits that competition can deliver. Competition Bureau Canada
The Government of Canada announced new measures to protect Canadian steel and aluminum producers and workers from the impact of U.S. tariffs on steel and aluminum. The new measures include:
The Canadian Steel Producers Association and the United Steelworkers Union said in a joint statement that the government’s plan “falls short of what the industry needs at this most challenging time.” Department of Finance Canada
A Bloc Québécois bill to take Canada’s supply management system off the table in future trade negotiations passed swiftly through Parliament. The Senate passed the bill through third reading, after the House of Commons pushed it through last week without opposition. Supply management is the policy of controlling production of dairy products, eggs, chicken and turkey to prevent significant price fluctuations. U.S. farmers have long sought access to a larger share of the Canadian market, which could lead to a surge in supply and lower returns for Canadian farms. Canadian farmers who rely on export markets to sell their cattle and grain have criticized taking supply management off the table, arguing it would harm their own access to international markets in trade deals. U.S. President Donald Trump and his administration consider supply management as one of the barriers to trade imposed by Canada. The Canadian Press
The Government of Alberta and the Government of Saskatchewan made a unified call for national change, calling for “an end to all federal interference in the development of provincial resources” by:
“We need to have a federal government that works with, rather than against, the economic interests of Alberta and Saskatchewan. Making these changes will demonstrate the new Prime Minister’s commitment to doing so,” the Alberta and Saskatchewan governments said. Govt. of Alberta
The Government of Saskatchewan plans to extend the life of the province’s three coal-fired power plants before moving to nuclear power generation, according to the Crown Investments Corporation Minister. Jeremy Harrison wrote to SaskPower employees that the decision will maintain jobs and meet growing demand, while keeping electricity affordable and reliable. Harrison did not provide details on the costs of the plan or timelines, but wrote the government will explore the viability of adding carbon capture units. The province already operates a carbon capture unit at the Boundary Dam Power Station, which has sometimes struggled to meet emissions-reduction targets. SaskPower is planning to build a small modular nuclear reactor by the mid-2030s. In 2019, Saskatchewan signed a deal with Ottawa recognizing some coal units could run beyond the phaseout deadline of 2030. Harrison said Saskatchewan has constitutional authority over electricity generation and that the province doesn’t recognize the legitimacy of the federal government’s Clear Electricity Regulations. Saskatoon StarPhoenix
The Canadian Intellectual Property Office’s (CIPO) annual report, highlighting CIPO’s achievements during the 2023-2024 fiscal year, was tabled in Parliament. Highlights of the report include:
The Canadian Space Agency’s (CSA) planned spending will hit a record level at $834 million for this fiscal year and next year could surpass that, before possibly falling again, based on the CSA’s 2025-26 Departmental Plan. Planned spending for the current fiscal year includes more than $778 million allocated to “Canada in Space,” CSA’s core responsibility. The balance of the budget, just over $56 million, is allocated to internal services that include full-time equivalent (FTE) staff. FTEs will climb to 1044.3, a 9.3-percent increase over the previous year. The CSA said that “the variations from 2022-23 to 2027–28 are primarily due to an increase in personnel to support the implementation of expanded activities under the Canadian space program.” Most of those expanded activities are for CSA’s lunar program. To fuel innovation and prosperity in Canada’s space industry, the Space Technology Development Program will fund company-led opportunities for the development of future technologies, while the smartEarth initiative will advance satellite data solutions to help solve key challenges on Earth. SpaceQ, Canadian Space Agency
The federally funded Canada Infrastructure Bank (CIB) will loan $50 million to Toronto-based Dream Industrial Real Estate Investment Trust for energy-efficient retrofits on 34 commercial warehouses in Alberta, Ontario and Quebec. The CIB's investment will support upgrades to mid- and large-bay warehouses used for urban logistics, light industrial storage and distribution. Building upgrades include: mechanical and electrical systems, renewable energy generation, heating, ventilation and air conditioning systems, fuel switching, energy management technology, building envelope and electric vehicle charging. The projects are expected to generate 14,500 megawatt-hours of clean electricity from installed renewable power generation such as solar panels. CIB
Housing, Infrastructure and Communities Canada (HICC) announced a joint investment of more than $28.6 million from the Government of Canada, the Government of Yukon and First Kaska Utilities LP, in the Sādę Solar Initiative project, which will significantly reduce diesel use for power generation in Watson Lake, Yukon. This project will construct a 2.85-megawatt solar power plant combined with a battery energy storage system that will connect to the existing micro-grid in Watson Lake, currently powered by diesel generators. The plant, located within the asserted traditional territory of the Liard First Nation (LFN), will be brought online in two stages to maintain grid stability and manage power fluctuations. When running at full capacity in the peak season, the plant will provide more energy than peak loads, allowing for full generator off time. The solar energy produced is expected to replace more than 24 percent of the diesel-generated power in Watson Lake, ultimately reducing diesel consumption by approximately 1,020,300 litres and cutting greenhouse gas emissions by 3,509 tonnes annually. HICC
Environment and Climate Change Canada (ECCC) announced a federal investment of $6.8 million for 20 projects across the country through the Flood Hazard Identification and Mapping Program, as part of Canada’s National Adaptation Strategy. ECCC is investing $3.3 million in nine projects focused on advancing flood mapping science nationally and bringing together Canadian research institutions and departmental scientists. This science and research will gather the information needed to better understand the areas in Canada that are at the highest risk of damaging floods. Natural Resources Canada (NRCan) is investing $2.8 million in eight projects to develop and improve regional flood modelling approaches to advance flood hazard information coverage throughout Canada. NRCan also is investing an additional $750,000 to support three projects focused on the exchange between Indigenous Traditional Knowledge and other scientific practices related to flood hazard mapping. ECCC
Agriculture and Agri-Food Canada (AAFC) announced $3.4 million over four years to support the development of two new facilities at the University of Saskatchewan, including the Omics Resource Centre at the Western College of Veterinary Medicine and Beef Reprotech facilities at the Livestock and Forage Centre of Excellence. The investment will be delivered through the Sustainable Canadian Agricultural Partnership as part of the two governments' commitment to support partnerships with strategic agricultural research organizations. The new initiative, called IntegrOmes (Integrated Genomics for Sustainable Animal Agriculture and Environmental Stewardship), will advance beef genetics by matching genomic markers with desirable traits and evaluating reproductive efficiencies. This integrated approach will enable producers to make more precise and data-driven breeding decisions that improve livestock productivity in Saskatchewan. AAFC
The Government of Alberta is investing $50 million from the industry-funded TIER (Technology Innovation and Emissions Reduction) system to help develop new and improved technologies that make cleaning up oilsands mine water safer and more effective. Led by Emissions Reduction Alberta, the new Tailings Technology Challenge will help speed up work to safely reclaim the water in oilsands tailing ponds and eventually return the land for use by future generations. This new funding competition will support both new and improved technologies to help oilsands companies minimize freshwater use, promote responsible ways to manage mine water and reclaim mine sites. Using technology for better on-site treatment will help improve safety, reduce future clean-up costs and environmental risks, and speed up the process of safely addressing mine water and restoring sites so they are ready for future use, the government said. Govt. of Alberta
To help reduce plastic waste and pollution and progress towards a circular economy for plastics, Environment and Climate Change Canada (ECCC) is partnering with the Social Sciences and Humanities Research Council (SSHRC) on a joint research initiative focused on Indigenous science and the impacts of plastic pollution. The funding opportunity provides research funding support through Research Partnerships grants to address knowledge gaps about the potential impacts of plastic pollution on Indigenous communities through the various stages of the plastic lifecycle, focusing on social, cultural and economic impacts. Grants for this opportunity are valued at a maximum of $237,500 per year over two years, up to a total of $475,000. ECCC and SSHRC welcome applications involving Indigenous research, as well as those involving research creation. The application deadline is October 16, 2025. ECCC
AReNA, Quebec’s RNA Hub, launched a call for projects aimed at advancing innovative technologies that serve the RNA therapy sector. This program, funded by Ministère de l’Économie de l’Innovation et de l’Énergie and managed by CQDM, has a budget of $3 million. Its goal is to accelerate the commercialization of Quebec-based biopharma innovations and strengthen companies’ competitiveness locally and internationally. Program support offers a maximum amount of $300,000 per project for up to 18 months. Letters of intent are due by July 21, 2025 and full applications by August 4, 2025. AReNA
The Government of British Columbia issued an environmental certificate to Teck Highland Copper Partnership for the Highland Valley Copper Mine Life Extension (HVC) project near Logan Lake, following a joint decision by provincial ministers. Tamara Davidson, minister of Environment and Parks, and Jagrup Brar, minister of Mining and Critical Minerals, made their decision after carefully considering the environmental assessment by B.C.’s Environmental Assessment Office. The HVC project will extend the life of the operating Highland Valley copper mine from 2028 to 2043. The mine expansion is predicted to produce approximately 900 million additional tonnes of ore and nearly two million additional tonnes of copper. The ministers noted in their decision that HVC will provide economic benefits to the province, the local community and First Nations. Without the expansion, the mine would end production in 2028 and wind down its operations. The ministers included 17 legally binding conditions in the environmental assessment certificate, intended to prevent or reduce potential adverse environmental, economic, social, cultural and health effects from HVC, and mitigate impacts to First Nations. Govt. of B.C.
RESEARCH, INNOVATION & COLLABORATION
Quacquarelli Symonds (QS) released the 2026 World University Rankings, which include 1,500 institutions from over 100 locations. Institutions are scored and ranked according to factors such as research and discovery, learning experience, and global engagement. Four Canadian universities appear in the top 100: McGill University (#27), the University of Toronto (#29), the University of British Columbia (#40), and the University of Alberta (tied for #94). Narcity reported that McGill University is the highest-ranked school in Canada, a change in the order of Canadian institutions, as previous editions of the rankings – including 2025 and 2024 – showed the University of Toronto as the highest ranking in Canada. QS
Times Higher Education released its 2025 edition of the University Impact Rankings and several Canadian universities appear among the leaders. To compile the rankings, Times Higher Education scored universities according to their contributions to and progress on the United Nations’ 17 Sustainable Development Goals. Several Canadian institutions were in the top 50 overall: Queen’s University (tied for #6); the University of Alberta (#8); McMaster University, the University of Victoria, and Western University (tied for #14); Simon Fraser University (#35); and York University (#38). In the rankings for each Sustainable Development Goal (SDG), Queen’s University was the top university for SDG 2 Zero Hunger, while UAlberta was part of a 12-way tie for the top university for SDG 9 Industry Innovation and Infrastructure. Times Higher Education
The U.S. News 2025-2026 Best Global Universities Rankings, measuring both research strength and academic reputation, place the University of Alberta (U of A) first in Canada and 53rd in the world for artificial intelligence. U of A researchers are harnessing their expertise for a variety of projects, from helping emergency doctors save time and improve patient care with an AI note-taking tool to evaluating the total amount of boreal forest available to mitigate climate change and creating apps that allow people with disabilities to overcome mobility obstacles. U of A has numerous partnerships with industry, such as the Alberta Machine Intelligence Institute (Amii), and 24 Canada CIFAR AI Chairs including Richard Sutton, who was awarded the A.M. Turing Award earlier this year for his work as one of the founders of reinforcement learning. In May 2025 U of A’s College of Health Sciences launched the AI + Health Hub, which seeks to fast track solutions to health-care challenges, from quicker diagnoses to drug discovery. U of A
Some of Canada’s largest tech startup hubs have lost ground since last year, according to San Francisco-based Startup Genome’s most recent global startup ecosystem rankings. Startup Genome ranks the strength and quality of startup ecosystems using data from five million startups across more than 350 cities and regions globally. Its choices are based on analysis of six factors, including performance, funding, talent and experience, market reach, knowledge, and one newly introduced metric – the degree to which they support artificial intelligence startups. Startup Genome’s 2025 report found Toronto-Waterloo and Vancouver both fell for the second consecutive year. Toronto-Waterloo declined from 18 to 20 and Vancouver dropped from 34 to 36. Ottawa was ranked in the 71–80 range on its list of the top 100 emerging ecosystems, down from 61–70 last year. Montreal, which remained the only other Canadian city to crack the top 40 globally, held on at No. 39. Calgary remained stuck inside the 41–50 range for emerging ecosystems. According to Startup Genome’s report, one of the common denominators was weak startup funding, as four of the Canadian cities scored relatively poorly by this metric. Calgary was the only exception. BetaKit
McGill University, Université Laval, Université de Montréal, and Université de Sherbrooke have formed Polaris, a group focused on making Quebec a global hub for research talent and reinforcing Canada’s scientific leadership. The group proposes federal and provincial investments in initiatives such as research chairs in AI, health, and biodiversity; scholarships for PhD and postdoctoral researchers; early-career researcher support; and infrastructure investments. This effort is intended to respond to growing global instability and indicators that U.S.-based researchers are interested in leaving their country. A recent survey published by the journal Nature revealed that 75 percent of researchers now working in the U.S. are considering leaving the country. McGill University
The École de technologie supérieure (ÉTS) announced a new quantum science and engineering institute called the Tensor Institute. The institute will receive $5 million in funding from the Government of Québec’s Ministère de l’Économie, de l’Innovation et de l’Énergie. The Tensor Institute will support research and innovation in quantum science through funding for projects, partnerships with private organizations, and the creation of four applied research chairs. The first two chairs were awarded to ÉTS professors Jacob Biamonte and Claude Crépeau. Related training programs will be developed with partners such as Université de Sherbrooke’s Institut quantique. ÉTS also announced a strategic partnership with Finnish company QMill, a leader in quantum algorithm development. This collaboration will provide the means to design, test and validate algorithms applicable to real-life industry scenarios, paving the way for the demonstration of a tangible quantum advantage. ÉTS
The Future Skills Centre (FSC) invested $7.6 million, funded by the Government of Canada’s Future Skills program, in 35 new projects designed to strengthen Canada’s workforce to support a resilient economy. These projects are aligned with key focus areas for Canada’s economy and are intended to address urgent skills needs by providing training to help build digital, green and soft skills; supporting transitions to in-demand jobs; and assisting employers with training and retraining efforts. The new projects include both early-stage innovations and ready-to-launch programs that tackle today’s most urgent skills challenges. Through FSC’s new Designing Solutions initiative, the Centre is working directly with 10 partner organizations to co-design community-rooted, skills-based interventions that bring promising ideas to life. Over the past six years FSC has invested $286 million in 390+ research and pilot projects to help workers, employers and policymakers meet the challenges of Canada’s evolving economy. FSC
Canada’s tech industry continues to face a persistent talent shortage, with Statistics Canada reporting in May a 3.3-percent unemployment rate for the sector, according to a new report by California-headquartered Robert Half, an international human resource consulting firm. A recent survey by Robert Half showed that 88 percent of Canadian technology leaders are struggling to find qualified candidates to fill open positions. Despite this, the demand for tech professionals remains strong, with 45 percent of companies actively recruiting for new permanent roles and an additional 51 percent seeking to fill vacated positions. Many companies are struggling with skills gaps in crucial areas including AI, machine learning and data science, IT operations and support, cybersecurity and privacy, and Enterprise Resource Planning/Customer Relationship Management development and management, with high competition for professionals who possess the cutting-edge skills necessary to keep up, the report says. According to the 2025 Canada Salary Guide from Robert Half, many of these professionals value flexibility and feel underpaid – and in-demand professionals who feel undervalued or underpaid are quick to seek new opportunities. Robert Half
Seventy-eight percent of 265 construction companies across Canada are currently experiencing a shortage of skilled workers, compared with 90 percent in 2023, according to a report by KPMG done in collaboration with the Canadian Construction Association. Seventy percent say the labour crunch is impacting their ability to bid on new projects and/or meet project deadlines, compared to 86 per cent in 2023. Seventy-three percent expect it will become “increasingly difficult” to meet demand over the next five-to-10 years, particularly as retirements outpace recruitment. Other highlights of the report include:
The current economic and trade environment, including U.S. tariffs, “is squeezing bottom lines, putting at risk much-needed continued spending on tech – technology that is essential if we are to address the chronic housing supply shortage in this country and transform our economy through an ambitious era of nation-building mega-projects,” said Tom Rothfischer, partner and national industry leader in building, construction and real estate, at KPMG in Canada. KPMG
Natural Products Canada (NPC) announced an investment of over $1 million into five early-stage companies bringing its total to $11 million in investments in 92 Canadian startups. The five companies: FREDsense Technologies (Alberta); BioNorth Solutions (Ontario); Ostia Sciences (Ontario); Dispersa (Quebec); and Scotiaderm (Nova Scotia); are recipients of NPC’s Commercialization Programs and represent highly innovative bio-based and natural products. NPC’s most recent investment will enable pivotal activities to help the five companies address key challenges in their go-to-market journey. The recipients include startups from across the country developing sustainable, bio-based products ranging from targeted probiotic therapies for oral health to innovative contamination biosensor technology. NPC
Toronto-based AI developer Cohere announced agreements with the Government of Canada and the Government of the U.K. to collaborate on implementing secure AI solutions and cutting-edge research to strengthen the public sector and national security. AI can significantly boost productivity and efficiency, enhancing government services and national sovereignty, Cohere said. Robust security measures are essential for accelerating public sector adoption of AI, ensuring highly sensitive data remains protected. Aidan Gomez, Cohere’s CEO and co-founder, participated in a trilateral discussion with Prime Minister Mark Carney and Prime Minister Keir Starmer to emphasize the strategic importance of AI in advancing national sovereignty and economic growth. Cohere
Canada, as G7 presidency, is launching the G7 GovAI Grand Challenge and will host a series of “rapid solution labs” to develop innovative and scalable solutions to the barriers G7 countries face in adopting AI in the public sector. The G7 will leverage existing government AI expertise to establish a G7 AI Network (GAIN) to advance the Grand Challenge, develop a roadmap for companies to adopt AI and scale their businesses, and create a catalogue of open-source and shareable AI solutions for G7 members, the G7 said in a statement from the G7 Leaders Summit in Kananaskis, Alta. “GAIN will collaborate to ensure that AI solutions in government have measurable and real benefits for our communities.” G7
Canadian insurance companies Intact Financial and Manulife made it into the top 10 globally for using artificial intelligence technologies, according to a report by London, U.K.-based Evident Insights. Toronto-based Intact Financial was ranked No. 4 and Toronto-based Manulife No. 5 globally in Evident’s rankings, based on talent, innovation, leadership and transparency. France-headquartered AXA and Germany-headquartered Allianz are the only two insurers to consistently demonstrate strength across all areas of the index methodology, ranking in the top five across all four pillars. Evident
Surrey, B.C.-based Safe Software, which makes data-management tools, announced an expansion of its business operations to the U.K. and Ireland. The expansion reflects the company’s progress on its path to achieve its goal of hitting $250 million in revenue by 2028, Safe Software said. The company said its new European operations serve as hubs for customer and partner support, innovation and increased collaboration across the region. Safe Software
Massachusetts-headquartered GE Vernova Hitachi announced plans to invest up to US$50 million to establish a cutting-edge Canadian BWRX-300 Engineering and Service Centre in Durham region, east of Toronto, near the Ontario Power Generation Darlington New Nuclear Project site. The company’s investment is pending further development and construction of three additional small modular nuclear reactors (SMRs) at the site, apart from the initial SMR, which has regulatory approval for construction. The planned facility will be used to provide engineering and technical services to support the long-term operation and maintenance of the anticipated fleet of BWRX-300 SMRs in Ontario. It will also serve as a hub for innovation and training, knowledge-sharing, supply chain engagement and workforce development. The planned engineering and service centre will include a state-of-the-art virtual reality simulator and provide training capabilities to support safe and efficient SMR refueling and maintenance evolutions. The facility will develop advanced maintenance and inspection technologies tailored to the simpler SMR units and serve as an outage planning and execution preparation center for BWRX-300 reactors. Plans call for the engineering and service centre to be operational by the end of 2027. GE Verona
Toronto-based Greenland Resources was granted a 30-year license by the Government of Greenland. Greenland Resources owns a molybdenum deposit in central-east Greenland. The “exploitation licence” was granted shortly after Greenland Resources entered into a 10-year offtake agreement with some of the largest steel companies in Europe. The company said its Malmbjerg project will be able to supply around 25 percent of all European Union molybdenum needs and 100 percent of defence applications (more than 80 percent of the metallic materials for defence require molybdenum). Greenland Resources is currently working on its environmental impact assessment and social impact assessment. Govt. of Greenland
Hydro-Québec, in a call for tenders for the purchase of 300 megawatts of solar energy, is imposing a penalty on bids by U.S. companies by adding 10 percent to their offers, in response to U.S. tariffs. A directive from the Government of Quebec provides for penalties "of up to 25 percent" on bids from American companies participating in public calls for tenders and which do not have a physical presence in Quebec. Hydro-Québec, which limited this penalty to 10 percent for its call for tenders for solar energy, has not specified whether this new policy will apply to all calls for tenders and all contracts awarded in the course of its activities. La Presse
Montreal-based renewable energy firm Boralex said it plans to spend up to $6.8 billion to more than double its energy output by 2030, plus $1.2 billion for projects scheduled to be commissioned after 2030. The company said as part of its growth plan totalling eight gigawatts, it is expanding solar power in New York State and the U.K. There’s also strong growth potential in Quebec, Ontario and France, Boralex said. Boralex
Sanket Mittal is launching Althra, a new Vancouver-based incubator for generalist technology startups. Mittal previously worked as an analyst in B.C. for Toronto-based Graphite Ventures. Applications to join Althra’s first, four-month, in-person cohort in downtown Vancouver, which will run from September to December 2025, have now opened. Althra plans to work with 10 selected early-stage Canadian tech founders with a working prototype and early validation, provide them with free space to focus on building full-time, and connect them with a network of more experienced mentors and potential investors. The free, no-equity incubator will feature limited programming, a dedicated 24/7 downtown workspace, and weekly mentorship from established Vancouver entrepreneurs in areas like fintech, AI, and software-as-a-service. BetaKit
Lori Casselman, a Telus Health veteran and former chief health officer at League, launched June Health, a virtual care platform focusing on women’s health and perimenopause care. The platform combines the convenience of virtual care with the credibility of a multidisciplinary team of health experts, including physicians, nurse practitioners, dietitians, mental health professionals, and naturopaths – trained and credentialed in the science and lived experience of women. The multidisciplinary solution, the first to provide benefits navigation and include pharmacy and marketplace integrations, is available to individuals and offered as a modern workplace benefit for progressive employers, insurers and health provider networks. June Health
A year after BCE Inc. announced plans to sell its Northern Canada telecom business to a coalition of Indigenous companies for $1 billion, a final deal remains in limbo. Last June, BCE-owned Bell Canada said it was selling Northwestel Inc. to Sixty North Unity, a group composed of Indigenous organizations from the Yukon, Northwest Territories and Nunavut. A year later, however, Sixty North said it is still exploring a range of private and government funding sources to complete the deal. In a statement to The Globe and Mail, Sixty North director Tiffany Eckert-Maret said “discussions with potential partners and funders remain active. We continue to be optimistic about the opportunity and are confident in its long-term value.” Eckert-Maret said the group is encouraged by the Government of Canada’s Indigenous Loan Guarantee Program, which she called a “promising pathway” to support Indigenous equity participation in major projects. The Globe and Mail
Montreal-based fintech firm Lightspeed Commerce Inc. announced it reached an agreement to resolve a class action lawsuit filed in Quebec. The proposed settlement of $11 million still needs approval by the Superior Court of Quebec. The company did not admit any wrongdoing as part of the settlement, denying all allegations. The settlement comes after a parallel U.S. securities class-action against Lightspeed was dismissed in March. That lawsuit stemmed largely from allegations that short-seller Spruce Point Capital Management made in a report, which alleged that Lightspeed inflated its numbers prior to going public, had declining organic growth and lacked a clear path to profitability. Lightspeed Commerce
VC, PRIVATE INVESTMENT & ACQUISITIONS
The Caisse de dépôt et placement du Québec, one of Canada’s largest institutional investors, pledged to invest US$400 billion by the end of the decade in companies committed to decarbonizing their operations and in climate solutions such as low-carbon technologies. The provincial pension fund, which has $473 billion in assets under management, will funnel the capital into areas like decarbonization tech, infrastructure and other products and services. In contrast, in May the CPP Investment Board shelved its 2050 climate targets and a month later RBC dropped its $500-billion green finance plans, citing Ottawa’s anti-greenwashing law. The Caisse said it would “accelerate the decarbonization of companies and significantly increase energy transition-related investments by 2030.” Bloomberg News
Texas-based Vista Equity Partners and New York-based Blackstone Inc. increased their stake in Ottawa-based compliance software company Assent Inc., valuing it at US$1.3 billion. The investment firms bought out other investors, including Volition Capital, Warburg Pincus, StepStone Group, and First Ascent Ventures, for approximately US$400 million. Despite these changes, Assent maintains its headquarters in Ottawa. Michael Southworth, formerly the CEO of a U.S.-based AI startup, was recently appointed as the new CEO of Assent, taking over from Andrew Waitman, who transitioned to an executive chairman role. Assent’s platform is instrumental for global manufacturers in managing supply chain data and ensuring compliance with environmental, social and governance reporting standards. Startup Ecosystems Canada
London, U.K.-based PhysicsX – co-founded by Canadian Jacomo Corbo, who remains its CEO – raised $135 million in a Series B funding round. The round was led by Atomico, with participation from Temasek, Siemens, Applied Materials, and July Fund, as well as continued support from existing investors including General Catalyst, NGP, Radius Capital, Standard Investments, and Allen & Co. PhysicsX uses artificial intelligence to help improve the design and manufacture of engine components, drone parts and other components. PhysicsX said the capital raised will accelerate the company’s global growth and the industrial adoption of its enterprise software platform across aerospace and defence, automotive, semiconductors, materials and energy. PhysicsX
Montreal-based Torngat Metals Ltd. secured a $110 million bridge loan facility agreement with Export Development Canada and a loan commitment of up to $55 million from the Canada Infrastructure Bank to support the next phase of the company’s Strange Lake project. The Strange Lake project has significant quantities of light and heavy rare earth minerals, particularly dysprosium and terbium, which are essential to permanent magnets and low-carbon solutions. This $165 million of combined financing will enable Torngat Metals to carry out key pre-construction activities, a road to Voisey’s Bay, N.L. and engineering and environmental studies for its mine site and separation plant in Quebec. Torngat Metals
Winnipeg-based fintech Conquest Planning Inc. raised US$80 million in a Series B funding round led by Growth Equity at Goldman Sachs Alternatives. The round attracted additional new investors, including Canapi Ventures, as well as BDC Capital, Citi Ventures, TIAA Ventures and USAA. Existing investors BNY and Portage also participated in the round. Conquest’s AI-powered software enables financial advisors, banks, brokerages, wirehouses, insurance firms and pension providers to offer personalized advice at scale. Conquest said it will leverage this fresh capital to accelerate its U.S. expansion, while also funding the continued evolution of its AI-based Strategic Advice Manager. Business Wire
Vancouver-based deep-sea mining firm The Metals Company secured a strategic equity investment of US$85.2 million from Korea Zinc Co. Ltd., which is acquiring 19.6 million shares at $4.34 per share. The deal also includes a three-year warrant to buy up to 6.9 million shares in The Metals Company at an exercise price of $7 each. Korea Zinc, which has non-ferrous metal refining and precursor cathode active material technology, can use The Metals Company’s nodule-derived materials mined, under U.S. legislation, on sea beds to produce refined metals, copper foil and precursor cathode active materials at Korea Zinc’s existing facilities in South Korea and build new facilities in the U.S. The Metals Company
Calgary-based Carbon Upcycling Technologies Inc. raised US$18 million in a funding round led by Builders Vision, with participation from the Business Development Bank of Canada and Oxy Low Carbon Ventures, the venture capital arm of U.S. oil giant Occidental. Carbon Upcycling is developing its first-of-its-kind carbon capture and utilization technology project at the Ash Grove Mississauga Cement Plant, and has a newly signed memorandum of agreement with TITAN Group to assess projects at two of its cement plants. Carbon Upcycling's technology produces high-performance, sustainable supplementary cementitious products by utilizing and upcycling locally sourced, low-value materials and captured carbon dioxide emissions. The technology localizes critical building material supplies, bolstering construction supply chains and significantly reducing cement emissions. Carbon Upcycling Technologies
Quebec City-based Botpress raised US$25 million in an all-equity Series B round led by Toronto-based Framework Ventures Partners, with participation from Decibel, Inovia Capital, HubSpot Ventures, Deloitte Ventures and existing investors. Botpress, whose platform plugs into many enterprise tools and large language models, sells software that lets developers build, test and manage AI agents. Botpress said the new funding will enable the company to accelerate platform development, expand global customer support, and scale the company’s engineering and go-to-market teams from its headquarters in Quebec. Globe Newswire
Toronto-based AXL, a venture studio that aims to launch 50 AI-powered companies in five years, raised $15 million. University of Toronto (U of T) professor Daniel Wigdor, co-founder and CEO of AXL, is reinvesting as the fund’s lead investor, following the sale of his previous company, Chatham Labs, to Meta. Other backers of AXL included David Martin, founder of Smart Technologies; Gord Kurtenbach, former head of Autodesk Research; Joshua Greer, founder of Real-D; Frank Mersch, chief investment officer at Front Street Capital; Rob McEwen, chairman and chief owner of McEwen Mining; and many of Canada’s leading professors in applied AI. The proprietary venture studio model integrates access to AI research from the U of T with market insights from Canada’s top businesses through its AI Catalyst program. AXL
Toronto-based venture capital firm Storytime Capital announced the first close of its second fund, securing over $14 million to invest in Canadian tech startups. The firm aims to raise between $25 million and $30 million for Fund II to back 20 pre-seed and seed-stage companies focused on developing the future of work. The fund targets startups creating technology that enhances job performance, recruitment and management, including business software and tools for gig and fractional work. Storytime Capital has previously invested in 15 startups through its first fund, including Vancouver’s Blanka, Ottawa’s Bloks, and Toronto’s NLPatent. Startup Ecosystem Canada
Edmonton-based protein biomanufacturing company Future Fields raised US$8 million in a Series A funding round co-led by Amplify Capital, Business Development Bank of Canada’s Climate Tech Fund, and R7 Partners. Existing investors Toyota Ventures, BoxOne Ventures and Builders VC joined the round, with new funders Trac VC and the University of Alberta Innovation Fund also participating. Future Fields’ main product is the EntoEngine biomanufacturing platform, which the company said is the first synthetic biology system that creates proteins crucial for developing biopharmaceuticals and medicine using fruit flies. Future Fields, which started its first commercial facility to scale production in December 2024, said the funding will be used to expand the company’s operational capacity to produce bioproducts and next-generation medicines. Future Fields
Toronto-based water-purification startup Xatoms raised $3 million in a seed funding round led by Quantacet with participation from Genesis Ventures, BDC Thrive Lab, BoxOne Ventures, Capital Angel Network, League of Innovators Accelerator and additional angel investors. The cleantech company combines artificial intelligence and quantum chemistry to discover new materials that can rapidly purify contaminated water using only sunlight or LED light. Xatoms was founded in 2024 by two co-founders originally from Europe (Slovakia and Turkey) including Diana Virgovicova, Kerem Topalismailoglu and Shirley Zhong during their studies at the University of Toronto and Western University. Xatoms said it will use the funding to expand its technical and manufacturing teams, launch new pilot deployments and deepen partnerships with industry, government and local communities. Tech Funding News
Calgary-based carbon capture and storage company Entropy announced an agreement to purchase an interest in three carbon hubs from an unnamed Canadian oil and natural gas producer for $20 million and contingent payments of approximately $15 million based on commercial milestones achieved by various projects. The all-cash transaction encompasses a portfolio of strategic subsurface assets, along with associated commercial contracts, licenses and other intellectual property. The acquired assets are the Belle Plaine carbon hub and the North Battleford carbon hub, located in Saskatchewan, as well as a 50-percent interest in the Rolling Hills carbon hub located in southern Alberta. Entropy, a subsidiary of Calgary oil and gas producer Advantage Energy, struck a deal last year with the federal Canada Growth Fund that. includes a $200-million strategic investment and a carbon credit offtake agreement for up to 1 million tonnes per day of carbon credits for 15 years. Under the deal, Entropy is guaranteed to receive at least $86.50 for every tonne of carbon dioxide it successfully captures and stores. Advantage Energy
Montreal-based Valsoft Corporation Inc., which specializes in the acquisition and development of vertical market software businesses, announced the acquisition of Ottawa-based Alessa Inc., a provider of ant-money laundering compliance and fraud prevention solutions. Financial terms weren’t disclosed. Valsoft said the acquisition of Alessa represents Valsoft’s entry into the growing regtech and financial crime risk management space – a strategic move that expands Valsoft’s presence into a new vertical. Valsoft
San Francisco-based business-to-business subscription commerce platform AppDirect acquired Kirkland, Que.-based energy management firm DNE Resources, in a deal financed by a new debt fund from Caisse de dépôt et placement du Québec. Financial terms weren’t disclosed. The debt fund also financed AppDirect’s purchase of New York-based Broker Online Exchange in a US$85-million deal earlier this month. AppDirect said that by adding energy solutions to its platform — which already includes cloud, telecom, mobility, hardware and AI — the company is building a unified procurement marketplace for technology advisors and brokers so that their customers can seamlessly find, buy and manage everything they need to succeed. AppDirect
REPORTS & POLICIES
Canada needs a national strategy and to follow international best practices to commercialize the space sector
Canada needs a coherent vision and a national strategy that prioritizes the commercialization of space, according to a report by France-headquartered (with an office in Montreal) space sector consulting firm Novaspace.
“To fully capture the forecasted growth opportunities, Canada must introduce new components to its current support structure that will overcome the country’s current roadblocks,” the report says.
It was written by Novaspace partner and managing director Nathan De Ruiter and Maria Lily Shaw, senior consultant, in collaboration with space industry association Space Canada.
“A robust national strategy is the foundation of every successful space enterprise,” the report says.
Such a strategy provides clarity on a country's overarching vision, delineates the outcomes it seeks to achieve, and informs priority areas for investment in education, research, innovation and commercialization.
Countries like the United Kingdom and Australia have demonstrated the effectiveness of articulating clear national space strategies, providing industry with the certainty and direction needed to innovate, invest and grow, the report notes.
“Establishing a coherent national vision is essential to aligning efforts across the commercial, civil and defence sectors, creating a unified pathway for the sustainable development of the space ecosystem,” the report says.
The recently established National Space Council (NSpC), with its whole-of-government approach to advancing space exploration, utilization, national security and technology development, has the potential to strengthen Canada's space ecosystem by ensuring coherence of thought, purpose and action, according to the report.
By improving coordination across various government departments and serving as a central body to articulate and implement a national vision for space, the NSpC could play a pivotal role in positioning Canada as a global leader in space commercialization.
Until recently, space industry engagement focused on manufacturers of hardware/software for government missions.
New models are now emerging (notably in the U.S.) in which commercial organizations build, own and operate their assets, and in which governments (as well as other space and non-space commercial entities) position themselves as customers of services and/or as strategic partners.
In the U.S. and Europe, these programs are equipped with significant funding and long-term commitments, the report says.
In this context, “Canadian companies do not compete on a level playing field, as their international competitors receive significantly more support from their governments in much more favourable forms.”
This disparity undermines Canadian space companies in the high stakes of this space race, where the ability to secure timely and effective government backing can determine the winners and losers in a rapidly evolving global market, the report says.
Canada’s space sector is diverse, innovative and deeply embedded in communities across the country – far beyond the traditional aerospace hubs of Montreal and Toronto, according to the report.
From coast to coast, Canadian space companies – both large and small – are driving advancements in hardware and software, space exploration, satellite communications, Earth observation, cybersecurity, health sciences, consultancy services, space situational awareness, and launch capabilities.
Canada’s total space budget for 2024 is projected at US$744 million, reflecting an 18-percent annual growth over the past five years. “This upward trend is expected to persist, with a forecasted 56-percent increase over the next decade.”
Additionally, defence spending in the space sector represents nearly 30 percent of Canada’s total space expenditures for 2024, a proportion that is likely to increase in the future, mirroring global trends, the report says.
In the coming years, Canada's primary expenditures in space will focus on satellite communications, Earth observation, space domain awareness, space exploration, and human spaceflight, according to the report.
These investments are driven by key programs, including the federal government’s market loan to Telesat Lightspeed, financial commitments to RADARSAT+ series, WildFireSat, defence-related space objectives, and Canada's contribution to NASA’s Lunar Gateway mission.
The Canadian commercial space ecosystem is composed of over 200 organizations engaged across various levels of the space value chain. Small- to medium-sized enterprises represent a significant portion of the sector, accounting for 93 percent of all Canadian space companies in 2022. “SMEs therefore play a critical role in driving innovation, agility and specialization across the ecosystem.”
However, a thriving space sector requires not only a vibrant base of SMEs but also the presence of strong prime contractors and major satellite operators, the report notes.
These leading firms are essential to executing flagship projects that create robust supply chains and attract global investment. “Without domestic primes capable of delivering complex projects, Canada risks becoming dependent on foreign companies for critical space capabilities.”
Therefore, it is imperative to sustain global Canadian leaders who can drive industry standards, provide subcontracting opportunities for SMEs, and push best practices across the space industry, the report says.
Despite Canada’s strengths – an increasing budget, active commercial sector, and mature funding programs – the commercialization of space products and services in Canada remains challenging and is being outpaced by international competition, according to the report.
The current support structure risks creating “technology orphans,” where the development of space products and services stalls at an early stage (before “getting off the ground”) due to limited support for further advancement and scaling, the report says.
Moreover, the funding provided by existing programs is typically project-specific and time-limited, focusing on achieving specific technical milestones rather than fostering sustainable business models with the government as an anchor customer.
“Furthermore, there is a lack of coordination between government departments in Canada, creating inefficiencies and misaligned priorities in procurement processes.” This lack of coordination, combined with existing layers of bureaucracy, slows the procurement process to a pace that does not align with the private sector.
Companies in the U.S. and Europe benefit from substantial and rapidly awarded grants, whereas Canadian companies at times rely on loans awarded after long delays.
In summary, Canada’s commercialization roadblocks are:
The report says overcoming these gaps and facilitating the commercialization of space companies can be achieved by integrating these four elements into Canada’s support and procurement structure:
The report also offers an overview of commercialization mechanisms, examples of contracting mechanisms and international best practices, and next steps in commercializing Canada’s space program.
Concluded the report: “By positioning the government as an anchor customer through commercial service procurement, Canada can overcome its commercialization roadblocks [and] create a sustainable private space sector.” Novaspace
See also: Canada’s space industry needs a new national body to lead the sector’s growth to $40 billion by 2040
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Federal government lagging on a climate adaptation strategy, sustainable development, ocean management, and protecting species at risk
The federal government’s national climate adaptation strategy is missing essential elements required to make it effective, according to a report by Canada’s Commissioner of the Environment and Sustainable Development.
The Adaptation Action Plan, which is meant to be the centrepiece of the national strategy, is not comprehensive, Commissioner Jerry DeMarco said. The plan includes 73 actions and his audit found that implementation was limited for the seven of the actions assessed that were assessed in the audit.
The other two overarching components of the strategy – the federal, provincial and territorial bilateral action plans, and the Indigenous Climate Leadership Agenda – “were still on the drawing board.”
The Commissioner’s office first recommended the development of a strategy to adapt to Canada’s changing climate nearly 20 years ago.
“Although the release of the National Adaptation Strategy in 2023 was an important first step, urgent attention is still needed to achieve impactful action,” DeMarco said. “The sooner that Canada acts, the more sustainable the outcomes will be for people's health, safety and livelihoods.”
In a separate report, DeMarco’s office looked back on more than 30 years of federal government actions on sustainable development and set out six lessons to help Canada achieve better outcomes.
Over the past three decades, Canada has set national targets and contributed to setting international targets but has struggled to deliver on its commitments, DeMarco said. “It has made the least improvement among all G7 nations in meeting the United Nations’ Sustainable Development Goals.”
DeMarco’s report identifies the need for a more integrated approach to sustainable development that incorporates social, economic and environmental factors in decision making, policies and programs.
Other lessons include strengthening leadership at the national level and enhancing collaboration among key players, with a specific focus on greater engagement with Indigenous Governments and Peoples.
“Implementing sustainable development is proving to be an immense challenge in Canada,” he noted.
In another report, DeMarco’s office looked at whether Fisheries and Oceans Canada effectively led the development of an integrated oceans management approach to balancing environmental conservation with the sustainable use of marine resources in the Pacific, Arctic, and Atlantic oceans.
The report found that while the department worked with partners in five priority regions, the integrated ocean plans developed were high‑level and did not lead to concrete actions.
The department has also made little progress in developing marine spatial planning, DeMarco said. This newer, internationally recognized planning process adopted by the department in 2018 is designed to coordinate when and where human activities should take place in the oceans.
“Integrated ocean planning became part of federal law nearly three decades ago; Canadians are still waiting for it to be implemented.”
“In the face of climate change and competing interests, it is more important than ever that Fisheries and Oceans Canada deliver on its leadership responsibilities,” DeMarco said.
In a fourth report, DeMarco examined work by Environment and Climate Change Canada, Fisheries and Oceans Canada, and Parks Canada to identify and monitor critical habitat for species at risk.
The report found that protection efforts have been undermined by incomplete information and insufficient monitoring, DeMarco said.
Using the best information available to them at the time, all three organizations identified critical habitat for species at risk, he said. “However, they were often slow to gather the additional information needed to understand the complete range of habitats for a given species, such as where they might nest versus where they feed.”
The audit also found that monitoring of habitat conservation efforts on federal land was limited, making it difficult to know whether actions were delivering intended results.
This was the final audit in a series that examined how the Species at Risk Act is being put into action, from assessing species’ status to protecting their habitats.
“Across all these audits, we observed delays and gaps in information that have hindered the protection and recovery of species at risk,” DeMarco said.
Responsible departments need to gather more data and improve monitoring to deliver on the commitment that Canada made in 2022, through the Global Biodiversity Framework, and to halt and reverse biodiversity loss, which includes preventing the extinction of species at risk, he said. Office of the Auditor General of Canada
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Unravelling the mystery of the voluntary carbon market in Canada
The workings of the voluntary carbon market for using carbon credits to address corporate greenhouse gas emissions are a mystery to many.
A new study from the Institute for Sustainable Finance (ISF), CPA Canada and the International Federation of Accountants brings together the insights of practitioners working across the voluntary carbon market value chain.
The study, Not all carbon credits are created equal: Ecosystem views on quality credits and the future of the voluntary carbon market, is meant to be a vital resource for anyone who wants to understand how the market functions and the keys to ensuring quality credits, avoiding reputational risks, and contributing to real-world emissions reductions.
“Given how opaque and fragmented the market still is, these insider perspectives were instrumental to shaping our research,” said Yingzhi Tang, senior research associate at ISF. “Across our interviews with market participants, it became clear that, for many, the days of checking a box are over; buyers are seeking quality and developers are responding.”
In-depth interviews with key actors, including buyers, project developers, crediting programs and validation and verification bodies revealed important industry trends:
Professional accountants are crucial to enhancing the quality and transparency of the voluntary carbon market (VCM), the study says. With their expertise in risk management, internal controls, financial reporting, and auditing, they can:
There is still ambiguity from sustainability and climate standard-setters around what claims companies can (or cannot) make based on carbon credit purchases and how companies can credibly use carbon credits to meet their net-zero targets, the report notes. “Lack of clarity creates uncertainty and impacts demand.”
The VCM’s future is shaped by tailwinds and headwinds. Several developments could impact the market:
A market consensus exists on the need for greater integrity, transparency and standardization in the VCM, the study says.
“As the VCM continues to evolve, close collaboration among key ecosystem participants – project developers, buyers, investors, crediting bodies, validation and verification bodies and other service providers, quasi-governance bodies and regulators – is imperative to fostering a transparent, reliable market that can advance global climate action.” Institute for Sustainable Finance
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Benefits to Canada’s economy from universal public health care are becoming more important in the wake of U.S. tariffs
Canada’s economy is enhanced by universal public health care in many ways, according to an open letter from economists, health policy experts and experts in related disciplines.
“Medicare is not just a cost item on government budgets. It is also a pillar of Canada’s economy, an engine of innovation, and a critical source of decent employment,” the letter says.
“Those economic benefits, of course, are complementary to the fundamental goal: improving the health of Canadians.”
The economic benefits of Medicare are becoming all the more important, in the wake of U.S. President Donald Trump’s trade war and other geopolitical disruptions, said economist Jim Stanford, director of the Vancouver-based Centre for Future Work.
The letter was sponsored by economists, academics and other experts at the Centre for Future Work, the Canadian Medical Association, the University of Toronto, Carleton University and the University of British Columbia. It was signed by 275 economists, health policy experts and experts in related fields.
According to the letter, universal pubic health care benefits Canada’s economy through:
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Canada launches more new medicines than OECD average but most are costly
The number of new medicines launched in Canada is higher than the median for Organisation for Economic Co-operation and Development countries, according to the annual report by the Patented Medicine Prices Review Board (PMPRB).
However, most new medicines come to market with high treatment costs (over $10,000 per year or $5,000 per 28-day cycle for oncology), and specialty medicines such as biologic, orphan, and cancer treatments continue to make up a growing share of the new drug landscape, the report says.
The Meds Entry Watch report focuses on medicines approved by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and/or Health Canada.
This edition examined trends in the market for new medicines approved since 2018, highlighting the 48 medicines that received first-time market approval in 2022 and providing a preliminary analysis of the 63 medicines approved in 2023.
The publication aims to inform decision makers, researchers and patients of the evolving market dynamics of emerging therapies in Canadian and international pharmaceutical markets.
Highlights of the report include:
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Innovation in augmented and virtual reality needs to accelerate to meet health care demands: ITIF
Augmented and virtual reality innovation needs to accelerate to meet the critical demands of health care, according to a new report by the Information Technology & Innovation Foundation (ITIF).
Policymakers should empower and fund immersive technologies in the health care industry because of the long-term cost-saving benefits and positive impact on patient care, says the report by Alex Ambrose, policy analyst at the Washington, D.C.-based ITIF.
The key takeaways of her report are:
Global Market Insights said the augmented reality (AR) market in health care was valued at $850 million in 2020 and is projected to grow at a 25-percent compound annual growth rate from 2021 to 2027, according to a 2024 report by Digital Health Canada.
Harvard Business Review reported that AR in surgical assistance reduces the risk of errors by 21 percent, leading to safer procedures.
A study by Deloitte predicted that 20 percent of healthcare professionals will be using AR and VR tools for procedures and training by 2025.
“The potential for AR in healthcare is enormous,” Digital Health Canada said. As the technology becomes more advanced and widespread, expect to see these innovations:
Digital Health Canada said the benefits of augmented reality in health care include:
THE GRAPEVINE – News about people, institutions and communities
Sam Ramadori, former CEO of BrainBox AI, was named as co-president and executive director of AI pioneer Yoshua Bengio’s Montreal-based non-profit lab LawZero. Bengio is the other co-president and LawZero’s scientific director. The addition of Ramadori sets the stage for the organization’s ambitious push toward advancing research and developing technical solutions for safe-by-design AI systems, LawZero said. LawZero's research aims to build non-agentic AI that could be used to accelerate scientific discovery, to provide oversight for agentic AI systems, and to advance the understanding of AI risks and how to avoid them. LawZero
Canadian quantum physics pioneer Raymond Laflamme died on June 19 after a long battle with cancer. Laflamme, who earned a PhD at Cambridge University under the supervision of Stephen Hawking, was the founding executive director from 2002 to 2017 of the Institute for Quantum Computing at the University of Waterloo, which became a world-class research hub under his leadership. Laflamme pioneered theoretical and experimental approaches to quantum information processing and quantum error correction. He and colleagues developed an innovative approach to quantum information processing using linear optics, the results of which became one of the most referenced works in quantum computing. Laflamme was named an Officer of the Order of Canada, was awarded the Canadian Association of Physicists CAP-CRM Prize in Theoretical and Mathematical Physics, and was recognized in the Natural Sciences and Engineering Research Council of Canada’s inaugural Top 50 Discoveries list for 2006. University of Waterloo
After 11 years of leadership, Randy MacEwen is stepping down as president and CEO of Burnaby, B.C.-based Ballard Power Systems. MacEwen will continue to act as CEO until July 7, when Marty Neese will assume the position. Neese has experience in product standardization, product cost reduction, volume production and gross margin optimization. Neese, who has served on Ballard’s board of directors for several years while being CEO of hydrogen firm Verdagy, is “the right leader for Ballard as the fuel cell industry undergoes a period of rationalization and competitive realignment,” said Jim Roche, Ballard’s board chairman. Techcouver
Natural Products Canada (NPC) promoted Colin Garrioch from regional director in Ontario to the role of vice-president, pan-Canadian Operations at NPC. In this role, Garrioch will oversee NPC’s regional directors across the country – streamlining NPC’s structure and enhancing operational efficiency to better support economic and ecosystem growth across Canada. Garrioch brings over a decade of experience in pharmaceutical marketing and contract research, along with a collaborative, analytical approach to partnership development. NPC
U.S. clinician-scientist Dr. Sharmila Anandasabapathy, whose work spans cancer detection, biomedical engineering and global health, will join the University of British Columbia (UBC) as the new Dean of the Faculty of Medicine and vice-president, health. Anandasabapathy is currently vice-president and senior associate dean, global programs, and professor of medicine in gastroenterology, at Baylor College of Medicine in Houston, Texas. She will begin a five-year term at UBC on Nov. 1, 2025. Her appointment was recently approved by the UBC Board of Governors following an international search. An expert in translational research and health equity, Anandasabapathy is known for developing and validating low-cost, scalable technologies to improve early detection of gastrointestinal cancers. She leads several global clinical trials and holds four major research grants funded by the U.S. National Institutes of Health, National Cancer Institute. Anandasabapathy will succeed Dr. Dermot Kelleher, who has served as Dean since 2015 and as the inaugural vice-president, health, since 2018. UBC
Sudbury, Ont.-based SNOLAB recruited U.S. physicist Ray Bunker as its new director of research. As research director, Bunker, who will join SNOLAB in August, will lead SNOLAB’s teams of research scientists, scientific support staff and project managers. Bunker comes to SNOLAB from Pacific Northwest National Laboratory, where he has been a research scientist for nearly 10 years. His expertise and research experience include dark matter experimentation, radiation detection (especially radon), quantum information science, and low-temperature physics. Bunker succeeds Jeter Hall, who served as director of research at SNOLAB for more than seven years. Hall is leaving SNOLAB this summer to take up his new role as executive director of the Sylvia Fedoruk Canadian Centre for Nuclear Innovation in Saskatoon. SNOLAB
David Dufresne, previously a partner at CMD Capital, has joined Montreal-based AQC Capital as an investment partner. AQC Capital, supported by the Quebec government and the angel network Anges Québec, is working to deploy the remainder of its second fund. Dufresne brings over 20 years of venture capital experience and aims to invigorate deal flow in the Canadian and U.S. markets. This move comes after CMD Capital paused fundraising in a tough VC market. Startup Ecosystem Canada
Ravi Parmar, B.C. Minister of Forests, was appointed incoming chair of the Canadian Council of Forest Ministers. He succeeds Lisa Dempster, Minister of Fisheries, Forests and Agriculture for Newfoundland and Labrador, who served as chair over the past year. Parmar said as the new chair, he’s committed to working with the federal government and his provincial counterparts to push back against the “unjust” U.S. tariffs on softwood lumber and advocate for a long-term deal that will ensure B.C. and Canadian forestry businesses can compete on a level playing field. Govt. of B.C.
Canada West Foundation appointed Charles Deland as its new vice-president, research, effective June 23, 2025. Deland brings over 25 years of leadership in policy and economic analysis, with a distinguished track record spanning the private sector, government, industry associations and think tanks. His career includes senior roles with Shell Canada, Husky Energy, the Canadian Association of Petroleum Producers, the Government of Alberta, and most recently with the C.D. Howe Institute where he served as associate director of research, energy & natural resources. Canada West Foundation
Nick Chen was promoted to partner at Toronto-based Golden Ventures after two years with the firm. Golden Ventures is deploying its US$100-million Fund V, focusing on seed-stage investments across various sectors including AI infrastructure, cybersecurity and web3. Chen’s promotion is part of Golden Ventures’ strategic focus on emerging technologies. Startup Ecosystem Canada
Lakehead University and the University of Guelph received $10 million from philanthropists Kim and Stu Lang in support of the forthcoming Collaborative Doctor of Veterinary Medicine Program. The funds will go towards the construction of a new animal education facility at Lakehead, which will be named Gakina Awesiinyag or “All Animals (Place For)” in the Anishinaabemowin language. The $10-million investment represents the largest philanthropic contribution in Lakehead University’s history. The Collaborative Doctor of Veterinary Medicine Program will help address northern Ontario’s veterinarian shortage, which has made it extraordinarily difficult for people to get care for their pets – especially in rural, remote, and Indigenous communities – and hindered the region’s growing agri-food sector. Lakehead University
McGill University and Airbus signed a strategic collaborative agreement that will foster innovation, training and research. McGill and Airbus will collaborate on applied research projects and create experiential learning initiatives that will enhance students’ training and career preparation. The agreement also includes other activities such as symposia, student competitions, conferences and seminars, industry employee training and diversity, equity and inclusion initiatives. In Canada, McGill and Airbus have been working together for several years. Many Airbus Canada employees are McGill graduates. McGill University
The Université de Moncton (UMoncton) and Dassault Systèmes partnered on a pilot project that will address housing, urban growth and ecological challenges in southeastern New Brunswick. Over six months, the team will build a 1,000-square-kilometre “virtual twin” of the provincial region using Dassault’s 3DEXPERIENCE platform, drawing on data about zoning, biodiversity, infrastructure and more. UMoncton said that local governments, colleges and private partners will use the model to test development scenarios for Dieppe and Moncton – two of Canada’s fastest-growing cities – all while establishing a protected wildlife corridor for the southeastern part of New Brunswick. The partners hope the project may serve as a model for other regions seeking sustainable, data-driven planning tools. Dassault Systèmes
The University of Toronto’s (U of T) task force on artificial intelligence released several high-level recommendations aimed at making the university an “AI-ready” institution while upholding its core missions and values. From teaching and research to student services and administration, the Task Force on Artificial Intelligence’s final report seeks to position U of T as a post-secondary leader in implementing this transformative technology. The report’s human-centric approach includes four broad recommendations: build AI knowledge and expertise across the university; create AI-ready infrastructure, including an “AI Kitchen” where projects can be safely and securely developed; establish AI response teams to provide technical and administrative support; and form an AI adoption advisory table to guide planning and decision-making. U of T
Western University launched a Generative AI Teaching Fellows program that will seek to cultivate and support the use of AI in teaching and learning across campus. Appointed fellows will undertake projects to expand the use of AI in the classroom and offer workshops and other professional development activities. Ivey Business School professor Guneet Kaur Nagpal, history professor William Turkel and health sciences professor Andrews Tawiah will begin their two-year fellowships through Western’s Centre for Teaching and Learning on July 1. Nagpal, Tawiah and Turkel will develop their AI projects in the first year of the fellowship before implementing them in year two. They’ll publish on their work and provide mentorship to researchers and instructors across campus who want to use AI in their classes. Western University
Eeyou Istchee College of Science and Technology celebrated its official launch in Chisasibi. The not-for-profit, English-language college will serve the James Bay area and welcome students from neighbouring regions like Nunavik and Naskapi. The college will begin offering professional development non-credit college courses and certificates and engage in a number of collaborative educational initiatives with Chisasibi’s Eeyou Resources and Research Institute and several universities and employers. The college has formally requested a permit from the Government of Québec to offer programs that lead to an Attestation in College Studies or Diploma in College Studies, designed to meet the specific requirements of the local and national Northern labour market. Eeyou Istchee College of Science and Technology
Yukon University began construction on its new $52.2-million science building – called the Polaris Project – at its Ayamdigut Campus. The project includes indoor and outdoor learning spaces and laboratories. The 2,567-square-metre building, anticipated to be completed in 2027, is designed to meet net-zero carbon and accessibility standards. The Government of Canada is contributing over $31 million to the project, with $26 million from Crown Indigenous Relations and Northern Affairs Canada. Contributions, including over $5 million from Natural Resources Canada’s Energy Innovation Program, and from Employment and Social Development Canada are supporting the building efficiency and accessibility components. The Government of Yukon has earmarked $12 million to $14 million in its capital plan over two years towards the project. The Yukon University Foundation has committed to raising the remaining $1.5 million over the next 18 months through its Together for the North Campaign. Yukon University
Vancouver Island University (VIU) cancelled 14 programs and suspended six others to make time for further evaluation as part of efforts to reduce its deficit. Programs to be cancelled effective this fall include the graduate diploma in international trade, the master of community planning, the graduate diploma in hospitality management, and the undergraduate minor in digital media. Claire Grogan, acting provost of VIU, explained in a letter to the community that the suspensions support academic renewal and affirmed that impacted students will be supported as they complete their studies. Speaking to the Times Colonist, Gara Pruesse, president of the VIU Faculty Association, criticized the decision-making process, raising concerns about the program evaluation process and data transparency. VIU
The Canadian Alliance of Student Associations (CASA) published a report detailing policy recommendations to improve student employment outcomes in Canada. Drawing on labour force data, literature reviews and a student survey, the report calls for expanded federal funding for work-integrated learning, better support for part-time work during study, and improvements to the Canada Summer Jobs program such as expanded funding and greater flexibility. CASA also recommends enhanced student access to employment insurance and labour protections, stronger data collection on student employment, and dedicated supports for students facing systemic barriers. CASA said these changes would strengthen Canada’s postsecondary-to-workforce pipeline and bolster long-term economic resilience. CASA
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University of Alberta-inspired innovation has led to patients no longer having to take insulin for Type 1 diabetes
An idea that began in Canada 25 years ago with researchers at the University of Alberta has led to Amanda Smith, a 36-year-old from London, Ont. and other patients no longer having to take insulin for Type 1 diabetes.
U of A researchers pioneered the Edmonton Protocol, which uses insulin-producing islet cells removed from deceased organ donors that are implanted into those with hard-to-manage Type 1 diabetes.
About 2,500 patients have been treated around the world, according to U of A, which reports 80 percent were able to stop taking insulin injections for a median time of 95 days.
Now researchers, in a study published in the New England Journal of Medicine, report that of the 12 patients who received a single dose of manufactured stem cells, the procedure eliminated the need for insulin in 10 for at least a year and stopped episodes of low blood sugar, or hypoglycemia, which can lead to dangerous complications and even death.
It is the first time that scientists have seen this kind of response with implanted stem cell-derived islets, said Dr. Trevor Reichman, the study’s lead author and the surgical director of the Pancreas and Islet Cell Transplant Program at the University Health Network in Toronto. Vertex, a Boston-based biotech company that sponsored the study, derived the cells from embryonic tissue and then found a way to grow stem cells in large quantities.
Researchers, working at centers in the U.S. and at least three transplant hospitals in Canada, infused them into the patient’s liver.
Over the next four to six months, Reichman said they transformed into the array of hormone-producing cells found in a normal pancreas, and researchers were monitoring the patients’ blood sugar levels in real time.
But there’s a tradeoff. The patients require immune-suppressing drugs for life, so that the immune system doesn’t destroy the cells. There are risks to these immunosuppressive medications, including a higher risk of some cancers, infections and high blood pressure.
The next step is for someone to produce stem cells that don’t require immune suppression, by either genetically engineering the cells or encapsulating them to make them invisible to immune attack. Several pilot studies are underway.
In Canada, there are some 300,000 people with Type 1 diabetes. Thirty-two new cases are diagnosed each day. CTV News
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Organizations: | Government of Canada |
People: | Prime Minister Mark Carney |
Topics: | One Canadian Economy Act |