Today’s @bankofcanada hike was largely expected by analysts and follows the @federalreserve’s 0.25% hike from last month. 📈 But spectators are divided on whether it’s a preventative move against inflation, or an unnecessary strain on businesses already squeezed by fuel prices.

Net emigration hit 61,000 last year. Our highest year on record. Brain drain is a real issue and we need to start treating it as a policy choice. Capital gains, corporate rates, personal income tax are all levers we can pull to tackle this. From my conversation with Paul Wells 👇

When you look more broadly than one cherry-picked poll for comparison, the polling story of this election is actually quite interesting. The pattern across all 11 of the final week poll results shows that the older the fieldwork, the bigger the miss. This points to a significant late stage shift in sentiment back towards Chow, not bad polling. We polled the Toronto mayoral race in the field from Oct 11-16 and found Bradford +4.7. The final result had Chow +13 on the night. That means out of the 11 final-week polls, ours was the farthest off. If I had a do-over, we should definitely have also run a Wave 2 poll Oct 24-25. I'm confident in our methodology, which is the same as many of the other pollsters on this list, and has been reviewed and validated by CRIC (the industry standards body for public opinion research). I'm excited to continue to scale Build Canada's polling operations. We have big plans to do so. And I'm even more excited to be able to field polls at a price that democratizes access to public opinion research. We're just getting started. #cdnpoli# #topoli#

Incredible to see voter turnout at 45.8%! Up from up from 29.7% in 2022 and highest since 2014. Congratulations to all of the winners last night and thank you to everyone who put their name on a ballot.

“We have been conditioned, for decades now, to flinch at identity talk and to sneer at those who raise it as a live question or problem to be resolved. But it is vital to understand that the state capacity problems that Canada has, the reason why nothing ever gets built, why the federal government is perpetually overpromising and underdelivering, why this blessed country is not nearly as prosperous as it ought to be, all have their origins in the weakness of our national identity. Without a story we can tell one another about our collective ambition, about the many on behalf of whom the few are asked to make sacrifices, all we are left with is the buying off of one province or region or another in order to keep the peace.”

120,640 people left Canada last year, the highest number since records began in 1952 We are in a generational brain drain crisis. The math doesn’t math for a lot of our top talent to stay here and we need to change that. Fast.

Six days before Toronto votes, our new Build Canada survey shows: 60% of Torontonians want a major change in direction at City Hall 67% would rather City Hall try new ideas, even if some fail 61 % of long-term residents say Toronto is a worse place to live than four years ago 54 % have seriously considered moving out of Toronto in the past 12 months, rising to 63 percent among 45- to 54-year-olds

Canada’s publicly funded research programs should focus on merit as the sole criteria. Identity politics has destroyed a lot of the academic culture we used to pride ourselves on as a nation. Just ask many academics who are afraid to speak out. We spend $4.5 billion a year on the tri-agency research programs, including $311M a year on the Canada Research Chairs program alone. Time for a change.

"Responsibility demands hard choices" We published this memo 9 months ago and, while Canada is making progress, we must not rest. Worth another read. Canada is in a crisis. Growth is weak. Productivity is stalled. Our ability to decide, build, and deliver has eroded, while the world around us is accelerating and fragmenting. In this environment, delay is not neutral. It is a liability that leaves us poorly positioned as a nation. This was the stark message that Prime Minister Mark Carney delivered to Canadians almost a year ago, when he swore in his first Cabinet after taking over the leadership of the Liberals from Justin Trudeau. To respond to this crisis, he promised Canadians “We’re focused on action.” This memo reflects a growing concern among entrepreneurs, builders, and operators. Across all levels of government, in our corporations, and as citizens, Canada has not yet shifted enough from a peacetime mindset to an urgent, results-driven posture. We are not moving fast enough or with the intensity needed to meet the moment. The Prime Minister acknowledged this reality in his recent address in Davos. The speech shared an uncomfortable truth: the world is changing faster, becoming more volatile, and less forgiving of hesitation. The statement that Canada must “take on the world as it is, not wait around for a world we wish to be” was both accurate and necessary. The same clarity must be applied to Canada’s domestic reality. We recommend three immediate shifts We recommend three immediate shifts to every level of government, to corporations that invest and build here, and to Canadians who benefit from a stronger economy: First, focus relentlessly on domestic execution. 2026 must be the year we deliver. Canada’s sovereignty is secured through economic strength. To build this strength, we must deliver energy infrastructure, housing, transportation corridors, competitive tax structures, policy reform, digital systems, and industrial capacity with a sense of urgency not seen in decades. Delivery requires execution – the discipline of turning intentions into concrete actions and results. This means making decisions, not consulting about making decisions. It means signing committed contracts, not MOUs. It means approvals that lead to shovels in the ground, not endless studies. Second, change our norms and expectations. Sovereignty is not preserved by managing decline more politely than others. Attack the “culture of consultation”. Reset expectations so that decisions are made in days and weeks, not months or years. End government programs that don’t achieve results. Remove EDI requirements that slow down progress. Expedite dismissals for underperforming government executives. Expect and demand more from every Canadian. Be honest with Canadians about the hard choices required and the tradeoffs involved. Stop using “Canada just works this way” as an excuse. Leverage the full power of government to get things done. Accept that not everyone will be happy with this – the bigger risk is that we get left behind as we try to build a much more competitive economy. Third, bring builders into the room. As Canada approaches critical trade negotiations and economic decisions, governments must engage directly with the businesses that operate across borders and supply chains. We’ve done this before - through initiatives like theCDL Rapid Screening Consortium in 2020 - and can do it again. Policy is strongest when it reflects commercial reality and we should find ways to ensure it’s not developed in isolation. The World Won’t Wait We do not live in a world where time is abundant, where transitions are gentle, or where every risk can be fully mapped before action is taken. Competitor economies are executing at speed.  In a national productivity crisis driven by rules and regulations that create uncertainty and timelines that discourage capital investment, it’s fair to ask whether our systems are designed to deliver outcomes or preserve comfort. As the Prime Minister has said: “This is not a transition. This is a rupture.” History shows that Canada can do hard things when it faces danger. In World War II, during the fiscal crisis of the 1990s, and during the onset of COVID-19, our governments got serious. They did not seek to make everyone happy; they sought to survive and succeed. They acted at “crisis speed.” In those moments, Canada removed the signs from its windows and stopped pretending that rituals, slogans and procedural compliance were enough. The country acted on reality, not reassurance. We are in a moment when Canadians know what’s at stake. We applaud the efforts this federal government has made so far to do things like remove federal barriers to internal trade, fast track major projects, and streamline applications for R&D tax credits. But we must do more. Much more. And much faster. It’s amazing that we haven’t yet made our corporate and capital gains tax structures more competitive, accelerated project approval timelines and cut red tape across the board, or deployed private sector experts to support government. Steering Canada through this moment is an enormously difficult task – we understand that. The current federal government has now been in place for nearly a year. With Parliament back in session, this is an excellent moment to shift decisively from peacetime habits to a wartime posture. That does not mean abandoning values. It means aligning systems with urgency. Builders face these choices constantly. When conditions change, adaptation is not optional. Decisions are made that upset stakeholders. Action is taken before consensus is complete. This is because responsibility demands hard choices. Government is no different. Neither are corporations, institutions, or citizens. In a rupture, everyone adjusts or everyone pays the cost. The path forward is demanding and clear: accept the world as it is, and create the conditions for Canada to build.

this should be a five alarm fire for policymakers in canada 517 american companies started by canadians. $414 billion raised. almost 9 in 10 of them went to school in canada incredibly, 216 of these founders went to waterloo…. and half of these companies were started in the last 2 years!