FOR IMMEDIATE RELEASE  

December 17, 2024 

OTTAWA - The Tourism Industry Association of Canada (TIAC) welcomes the Government of Canada's Fall Economic Statement (FES) 2024, which outlines several measures supporting the tourism sector's continued growth and development through targeted investments and small business support. 

The statement includes investments in critical tourism infrastructure, including airport development initiatives, northern transportation support, and enhanced convention attraction funding. Notable commitments include $43.8 million for the Hudson Bay Railway, $105.9 million for a new small craft harbour in Arctic Bay, and an additional $10 million for Destination Canada’s International Convention Attraction Fund to strengthen Canada’s competitive position in the global business-events market.  

"These investments represent important steps toward strengthening Canada's tourism infrastructure and competitive position," said Beth Potter, President & CEO of TIAC. "While there is still work to be done, particularly in addressing workforce challenges, the measures announced demonstrate the government's recognition of tourism's significant contribution to Canada's economy. The expanded convention fund, in particular, offers strong potential returns through increased international visitation and spending." 

The FES also introduces support for small and medium-sized tourism businesses through a combination of technological investment and financial relief measures. A new $500 million digital technology adoption program will help businesses integrate AI solutions, while the establishment of a Red Tape Reduction Office aims to streamline regulatory processes across the sector. The continuation of the GST holiday will provide $1.6 billion in tax relief, complemented by reduced credit card fees for small businesses.  

Additionally, the $10-million investment, over two years, in the International Convention Attraction Fund (ICAF), will strengthen our global competitiveness in business-events market.  ICAF's track record demonstrates the program's remarkable success. In just 21 months, participating destinations have secured 21 international conventions scheduled between 2025 and 2030. These events will bring over 51,000 overnight delegates to Canada, generating $122.2 million in direct economic impact.  

Looking ahead, TIAC will continue working with government partners to advance key priorities including workforce development and marketing support to further strengthen Canada's global tourism competitiveness. 

Media Contact: 

TIAC Communications  
communications@tiac-aitc.ca 

Appendix: Detailed Investment and Support Measures 

International Convention Attraction Fund (ICAF) 

$10-million investment in Destination Canada’s International Convention Attraction Fund (ICAF), bolstering Canada's competitive position in the global business-events market.  

Since its launch in March 2023, ICAF has already secured 21 international conventions between 2025 and 2030 through $7.4 million in committed funding, which will bring over 51,000 overnight delegates and generate $122.2 million in direct economic impact 

With every $1 million invested generating $16.4 million in economic impact this funding comes as tourism spending reached $113.4 billion in 2023, strengthening Canada's position as a premier destination for global business gatherings. 

Tourism and Infrastructure Investments 

Infrastructure Development 

• The Government of Canada will engage with airports and pension funds to incentivize investment in airport infrastructure, including exploring adjustments to airport authority ground leases to promote development on airport lands 

• $43.8 million over two years (starting 2025-26) for Hudson Bay Railway operations and maintenance through the Remote Passenger Rail Program, enhancing northern tourism transportation 

• $105.9 million over seven years for a new small craft harbour in Arctic Bay, Nunavut, creating opportunities in tourism, construction, marine engineering, and commercial fisheries 

• Invest in Canada Summit (Spring 2025) to showcase investment opportunities and economic stability 

Small Business and Technology Support 

Financial Relief Measures 

• GST holiday continuation under Tax Break for All Canadians Act ($1.6 billion in relief for 2024-25) 

• Reduced credit card fees for small businesses 

• Expanded Canada Carbon Rebate 

• Modified income tax rules to encourage small business investment 

Business Development Programs 

• $500 million over four years (starting 2025-26) for digital technology and AI adoption 

• $27.8 million over five years for new Red Tape Reduction Office 

• Focus on streamlining processes in transportation and tourism sectors 

• Removal of outdated regulations to foster growth and innovation