Before the pandemic, business events were a significant economic force, accounting for 40 per cent of total tourism spending, supporting 242,000 jobs, and generating $27.4 billion in direct GDP for the Canadian economy. Research from Destination Canada highlights concerns that Canada’s business events sector, a significant contributor to the national economy, may not achieve pre-pandemic activity levels until 2028. To fast-track this rebound, Destination Canada secured a three-year budget in 2023 to establish the International Convention Attraction Fund (ICAF) to support bids for major international conventions. ICAF supports Canadian Destination Marketing Organizations (DMOs) in developing competitive bids for major international business events that fall within Canada’s key economic sectors, including advanced manufacturing, agribusiness, life sciences, natural resources, digital industries, and finance and insurance.

To date, the ICAF has been highly effective in driving the sector’s resurgence. ICAF is generating a significant boost to Canada’s economy by driving direct economic impacts, creating jobs, and increasing federal tax revenue. To date, $16.4 million has been invested via the ICAF to help support 45 business events in communities across the country. The anticipated returns on this initial support are significant. These events are expected to attract an estimated 143,641 visitors to Canada whose combined spending will generate $348.3 million in direct economic impact and support 2,833 fulltime equivalent jobs. ICAF’s impressive performance underscores the program’s value in enhancing the country’s tourism sector and supporting local communities.

Recommendation 5

Provide consistent funding for Destination Canada’s International Convention Attraction Fund (ICAF) through an annual investment of $20 million dedicated to promoting and optimizing the significant economic returns generated by business events.