Canada is betting big on artificial intelligence. Prime Minister Mark Carney unveiled a new strategy on Thursday, promising it will help create 250,000 jobs by 2031, boost the country's GDP by 3%, and unlock nearly C$200 billion in economic activity.
The plan-dubbed "AI for all"-includes a C$500 million ($360 million) Canadian Tech Growth Fund aimed at closing the capital gap between domestic AI firms and U.S. tech giants. The federal government will also take equity stakes in Canadian AI companies through this fund.
To further support the industry, the government will use a C$500 million initiative from the Business Development Bank of Canada to finance access to AI tools for small and medium-sized enterprises.
Canada's digital sector currently employs about 800,000 workers, with 150,000 jobs directly linked to AI. The new strategy aims to accelerate that growth.
On the regulatory front, the government pledged new consumer privacy legislation to protect children's data, combat deepfakes, and give consumers more control over personal information. It will also invest C$50 million to track emerging AI risks and evaluate AI models transparently. However, no timeline for implementation was provided.