Canada's boldest era yet is within reach

The question is how do we turn our ambition into lasting advantage?

In brief:

• Canada is at a historic turning point shaped by geopolitical, trade, technology and climate pressures requiring bold, coordinated action.
• Nation-building projects are emerging as a cornerstone of economic resilience, competitiveness and long-term prosperity. 
• Success will depend on new models for partnership, Indigenous collaboration, sustainability, governance and technology-enabled delivery.

Speaking at the World Economic Forum in Davos in January, Prime Minister Mark Carney described the moment plainly, “Every day we're reminded that we live in an era of great power rivalry. That the rules-based order is fading.” He went on to add that, “A country that cannot feed itself, fuel itself or defend itself has few options. When the rules no longer protect you, you must protect yourself.”

Here at home, the message is loud and clear. What we do next — businesses, governments, citizens — and how we tackle this moment collectively will shape Canada’s economic strength, competitiveness and resilience for decades and will define the country for generations to come. This is not a moment for incremental change. It is a moment that demands disciplined leadership and decisive execution.

This begins by asking bolder, better questions and taking strategic steps that are equal parts courageous and innovative.

Across industries and sectors, Canadian businesses are feeling the impact of converging forces. It is highly visible in our current operating environment and defined by unprecedented shifts in US trade policy, geopolitical tensions, accelerating pace of AI, growing pressure on resources, labour and capital and the looming threat of conflict. This environment is forcing organizations to reassess how they invest, how they partner and how they deliver at scale.

This year’s EY-Parthenon CEO Outlook Survey shows how these interconnected mega trends reshaping reality are already affecting leadership decisions. 98% of Canadian CEOs altered strategic plans as a result of our current realities. The same percentage say they’re already engaged in, or embarking on, major transformation. 

In this environment, Canada’s Major Projects Office is doubling down on massive nation-building projects, the kind that diversify industries, open up new trade opportunities, create jobs, protect the environment and connect our economy while upholding the rights of Indigenous Peoples. From transportation corridors and ports to energy, critical minerals and digital infrastructure, Canada is pursuing projects of a scope and complexity that would have been considered unrealistic not long ago. These initiatives are no longer aspirational, they have become central to economic resilience, competitiveness and sovereignty. 

Courage has become Canada’s super strength. From coast to coast to coast, public and private stakeholders are tackling genuinely aspirational goals. With that courage comes the need for innovation. 

At EY, we’ve seen the strong outcomes that can emerge when projects are approached with openness and a long term perspective. We know the nation-building agenda holds potential to drive growth, enhance independence, create jobs and expand capabilities. 

But we can’t maximize those possibilities doing the same things we’ve tried in the past. Instead, we must simplify policy and stakeholder complexity to get shovels in the ground now. These projects intend to go beyond stimulating the economy and transform the very way we deliver mega-projects in Canada. Meeting the moment requires businesses to draw on lessons from the past and use fresh thinking to shape new models that place humans at the centre, deploy technology at speed and then quickly innovate at scale.

To move in that direction, Canada’s businesses and governments will need to rethink project planning and delivery and what’s needed to get it done right and on-time. Even as the federal government seeks to fast-track approvals, cut red tape and fund historic investments, businesses still need to shake conventional thinking or risk pitfalls that can slow, derail or limit mega-project potential.

Here  are seven questions businesses and organizations who wish to participate in Canada’s nation-building ambitions should ask themselves now:

1. How must we evolve commercial structures for this new operating environment?

Projects of this scale require a meaningful re-evaluation of risk allocation between public and private stakeholders. Getting this right is essential to attracting the market while establishing clear accountability for owners and delivery partners. 

The EY-Parthenon CEO Outlook Survey shows that many CEOs will pursue M&A this year, and nearly all are open to joint ventures or strategic alliances with third parties in the next 12 months. This means capital decisions are being made more deliberately, which makes clarity on risk, accountability and incentives a prerequisite for investment.

So how do you create the right incentives for mutually beneficial performance and delivery? As complicated as the technical scoping of these projects will be, it’s equally important to get the complexities of structuring right, so these projects don’t fail before they even start.

2. How do we go about identifying the right industry partners and adapt procurement?

How will you evaluate potential industry participants to deliver these complex projects on the ground? Procurement must be structured to gain proponents’ confidence and evaluate bidders using meaningful criteria, assessing costs and benefits to position projects for success. 

With capital decisions becoming more deliberate, you should be applying the same rigour to how you select partners and structure procurement by prioritizing execution certainty, operational resilience and delivery capability over price. Procurement approaches need to evolve to reflect the scale, complexity and uncertainty inherent in nation‑building projects, rather than relying on traditional, price‑driven evaluation models.

3. How do we forge meaningful and enduring Indigenous partnerships and collaboration?

These projects will inevitably impact Indigenous communities. We must prioritize Indigenous participation and give impacted communities the opportunity to lead and contribute from the beginning, including at the project assessment stage. How do you collaborate with businesses and create real, quality Indigenous opportunities? Cultural awareness and respect must be our guiding principles. It’s time to consider how you move Indigenous collaboration beyond stakeholder consultations to create decision-shaping partnerships.

4. What sustainability factors should we consider?

Economic results are the driving force for nation-building projects. But no one should move forward without considering the environmental progress made in Canada over the last 20 years. 

The CEO outlook survey data shows that only 24% of leaders rank achieving sustainability targets among their top three transformation priorities for 2026. This underscores the pressure leaders face to prioritize near term performance over longer term environmental goals. That perspective is inherently incomplete. Instead, we must evaluate the delicate balance of results and impacts. Economic benefits can be realized while unlocking meaningful climate impact results. 

5. How can we leverage advanced technologies to enhance delivery?

While other industries have seen exponential, tech-driven growth in productivity and efficiency over the last two decades, the construction industry has fallen behind. How can you make the most of advanced technologies like AI and digital solutions to accelerate delivery, reduce costs, improve project outcomes and enhance productivity? 

6. What must change to effectively oversee projects of this scale? 

Nation-building projects must be delivered on time, on budget and with benefits realized. What kind of tracking, measurement and oversight will this require? How do you know you’re getting what you pay for? What tools can help? Answering these questions is essential before you dive in.

7. How can governments collaborate with industry to enhance cooperation?

Different levels of government will need to collaborate in a way that facilitates permitting, approvals and funding. What do governments need to do well to greenlight projects and mitigate administrative burdens and red tape? If these projects can’t meaningfully be accelerated through these steps, their viability and attractiveness may be jeopardized.

These questions are complex and fairly new territory for most organizations. But they cannot be deferred. 

This is Canada’s moment.

To think bigger and build bolder. Create collaboratively and innovate powerfully. Stay friendly, rooted in our values — but compete more fiercely than ever before. At EY, we’re all in to help. From vision to delivery, execution to governance: we’ve got you. Our professionals get to the heart of what your organization needs now to shape the future with confidence.