Some of country’s largest companies mulling ways to increase ties to the U.S. and exposure to investors south of the border
Published Mar 06, 2025 • Last updated 4 hours ago • 13 minute read
Making it easier for Canadian companies to leave, and the “hollowing out” of Canada’s capital markets and parts of its economy that would follow, could thrust Canada into an “existential” crisis.Photo by Greg Southam/Postmedia files
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The A at the front of the stock ticker for Barrick Gold Corp., a $44-billion mining company that trades as ABX on the Toronto Stock Exchange, stands for American. That word was dropped from the company’s name in the mid-1990s, but founder Peter Munk had named his company American Barrick in 1983 to make it more appealing to investors in the United States, according to a source who was close to him at the time.
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More than four decades after the company was founded with two small mines in Ontario and Quebec, Barrick is still chasing those American investors, with chief executive Mark Bristow disclosing in February that the Toronto-based company, which now has multiple mines in Nevada, may redomicile in the U.S., in part to be included in index-driven trading via the S&P 500.
It’s not the first time Barrick has considered a move to the U.S. as it has amassed significant operations there. But there is more to the story this time, with the gold company joining a growing list of companies and sectors reacting to a trade war and other policies advanced by the administration of U.S. President Donald Trump.
“With a thickening Canada-U.S. border and America’s decisive turn toward protectionism and mercantilism, coupled with lower taxes and a more attractive regulatory environment for business in the U.S., it is not difficult to imagine scenarios in which more than a few Canadian companies choose to move their head offices to the U.S.,” Jock Finlayson, a senior fellow at the Fraser Institute, said.
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Bristow told the media that Trump’s aggressive pursuit of foreign companies to become American may speed up Barrick’s decision to move south, something that was briefly floated but then quickly shelved in 2020 amid analyst estimates it could cost the company as much as $300 million.
Companies growing ties with the U.S.
Making it easier for Canadian companies to leave — something that’s long been happening through mergers and acquisitions and other corporate reorganizations — and the “hollowing out” of Canada’s capital markets and parts of its economy that would follow thrusts Canada into an “existential” crisis, analysts at TD Securities Inc. said in a note in February.
The ink was barely dry on prominent asset manager Brookfield Asset Management Ltd.’s head office move to New York from Toronto as part of a corporate restructuring in January, with the express purpose of broadening the company’s investor base and attracting additional trading through inclusion in key U.S. stock market indexes, when the TD analysts spotted a Feb. 11 regulatory filing by Canadian e-commerce champion Shopify Inc. that named a headquarters in New York for the first time.
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That and other items in the filing, including a change in the geographic segmentation of assets that favoured the U.S., led TD’s index analysts to suggest one of the country’s largest companies might also be considering ways to increase ties to the U.S. and exposure to investors south of the border.
“Make no mistake, each time a Canadian company becomes less Canadian, it is harmful to Canada’s capital markets as trading volumes will migrate to the U.S.,” the analysts said in a Feb. 18 note.
They went further a couple of days later, urging a response from Canadian policymakers, particularly amid the leadership vacuum in Ottawa with a prorogued Parliament as the Liberal Party of Canada elects a new leader.
“It is time for Canadian officials to wake up and fight back to defend against the company migration to the U.S. — this is Defcon 1 for the country that just celebrated its 65th year with a red maple leaf in the middle of its flag,” the analysts said.
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Companies have been trickling to the U.S. for years
Finlayson, a former chief policy officer at the Business Council of British Columbia, said Trump’s policies, backed by the Republican-controlled House of Representatives, raise a pressing issue for Canada beyond the location of company headquarters and share trading: where its companies and entrepreneurs will choose to invest going forward.
“This is actually what I am most worried about in current circumstances,” he said. “Trump is explicitly seeking to persuade global companies to invest more in the U.S. and, relatedly, to export less from non-U.S. locations. As America’s top trading partner, we are very much in the line of fire.”
That is not a good position to be in when large companies and capital market activity have already been trickling out of Canada for years.
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For example, the oilpatch was shaken in 2019 when Encana Corp. announced a move to Denver from Calgary as part of a reorganization and name change to Ovintiv Inc., presided over by the oil and gas company’s American chief executive Doug Suttles.
At the time, the CEO cited the larger pool of U.S. investors and index trading, while analysts pointed out that Encana had been bulking up on assets south of the border, culminating in 2018’s $5.5-billion acquisition of Houston-based Newfield Exploration Co.
Some politicians in Alberta, meanwhile, blamed Ottawa, saying federal oil and gas policies under the Liberal government penalized the industry and gave it no reason to stay in Canada.
The discussion heated up again last fall when Brookfield announced its head office plans, with predictions of an eight per cent bump in demand for the company’s shares from the move to the U.S. That was before Trump was elected and cranked up his tariff rhetoric, promising to bring economic pain to Canada in order to extract what he wants from his neighbour and largest trading partner.
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Trump takes aim at Canadian business
While Trump billed the tariffs as a necessary tool to ensure lax border controls are beefed up to stem the flow of illegal drugs and immigrants into the U.S., most commentators view the claims as cover for another, unspoken agenda.
“The real reason may be to uproot Canadian companies to redomicile to the U.S. and transfer jobs to the U.S.,” Richard Leblanc, a professor of governance, law and ethics at York University in Toronto, said.
But the Trump administration’s protectionist rhetoric has focused more attention on why some Canadian companies were already anxious to increase their presence south of the border in some way, particularly those that already do significant business there.
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That drive has only become more appealing with Trump’s flurry of executive orders that promise greater incentives for businesses, such as the one signed in January that requires the repeal of 10 regulations for any new rule or regulation proposed by a U.S. federal agency.
Other business-friendly inducements include tossing out the rule that U.S. shell companies must disclose their beneficial owner, a key anti-money-laundering measure, and pausing enforcement of the Foreign Corrupt Practices Act, which contains anti-bribery rules. Trump has also suggested that only the U.S. should be able to tax American multinational companies that operate there.
Even if some of these policies are ultimately reversed or watered down, or if the tariffs are short-lived, Canada will likely be forced to reckon with the appeal for more Canadian companies to relocate to the U.S., whether by a slow drip or a flood.
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“If we can navigate our way out of the trade/tariff imbroglio with the U.S., policymakers can then focus their attention on the country’s structural economic problems, which include the weakness of the corporate head office sector,” Finlayson said.
In the decade between 2012 and 2022, nearly one in 20 Canadian head offices either closed or merged with another company, according to Statistics Canada. The latest figures released this week show that the decline, though small, continued in 2023, with the number of head offices down just shy of five per cent since 2012.
How Canada can fight back
There is no shortage of opinions on what Canada should do to counter the trend, from tying any government aid packages to offset U.S.-imposed tariffs to prohibitions on redomiciling in the U.S. to bringing back income trusts, a popular corporate manoeuvre that reduced income taxes, but brought a flow of foreign capital into Canada in the mid-2000s.
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“If the tariffs come and governmental aid packages follow, governments should prohibit redomiciling to the U.S., put caps on executive pay, prohibit shareholder dividends, and expect workers to be retained during the aid,” Leblanc said. “Depending on the amount of the aid, governments can have the right to nominate a director to the board to oversee the foregoing.”
Using the rules built into corporate Canada could also keep some businesses at home, no matter how easy or appealing Trump makes it to increase redomiciling in the U.S., he said.
For example, directors at Canadian companies must, by law, consider more than simply what’s best for their own shareholders, something enshrined in legal precedent and a relatively new section of the Canada Business Corporations Act, Leblanc said.
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The section directs boards and management to also consider the interests of employees, creditors, consumers, governments, the environment and the long-term interests of the corporation in their decision-making.
“It has not been extensively tested, but it could be used as a basis for litigation if one or more Canadian stakeholders — employees, retirees, pensioners, creditors, consumers, governments — believe their interests were not considered properly in the decision to redomicile,” he said, adding there are arguably good reasons to remain located in Canada.
“Canadian companies enjoy the benefits of an educated and productive workforce, public health care, transportation, logistics and safety, resulting in lower input costs. Boards should think very carefully about any redomiciling, including obligations to Canadian stakeholders and reputation risk.”
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Other countries face an exodus, too
Canada is not alone in facing a hollowing out prompted by the allure of relocating in order to be included in U.S. index trading, which boosts demand for a company’s shares.
The United Kingdom’s FTSE 100 index lost companies such as Ferguson PLC and Smurfit Kappa Group PLC to the benchmark S&P 500 index over the past few years when the former sought a primary listing on the New York Stock Exchange and the latter merged with a U.S. rival.
There are also persistent rumours about larger and more emblematically British companies, such as BP PLC and Shell PLC, relocating their companies, or at least their primary listings, to the U.S. to help increase their valuations to those of their American peers.
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Some German companies, meanwhile, have relocated across the border to Switzerland because of things such as lighter administrative burdens and lower taxes, Andreas Schotter, a professor of international business at the Ivey Business School at Western University, said.
Uniquely Canadian issues
But there are some unique factors in the Canadian economy that will make responding to the outflow more difficult, market watchers say. These include interprovincial trade barriers, a few heavily concentrated sectors such as telecommunications, banking and airlines that make competition and growth difficult for challengers and relative strength in limited areas like natural resources.
“The existence of too many protected/oligopolistic markets … arguably dampens business innovation and impedes the ‘creative destruction’ process that is an important feature of thriving, market-based economies,” Finlayson said, adding that Canada’s regulatory system is ripe for an across-the-board overhaul if the country hopes to become more competitive.
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“We need to dramatically reform the country’s increasingly costly and dysfunctional regulatory systems, notably around project reviews, environmental permitting, (and) homebuilding,” he said, noting the latter is primarily a municipal-provincial issue.
Canada only has a few “national champions,” such as Shopify, because these structural roadblocks hamper companies trying to grow from small to medium-sized and then from medium-sized to large enterprises, Finlayson said.
In the mining sector, Canada has arguably become the most “hawkish” among Western mining powers by creating conditions where junior miners are often starved of exploration capital and subject to lengthy approval periods, Andrew House, a partner at law firm Fasken Martineau DuMoulin LLP, said.
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He said this has pushed a growing number of mining companies to consider leaving the country.
“Was this the outcome we wanted?” House said.
Finlayson also suggested overhauling the tax system, a near-universal cry from the business community, which would shift the burden onto consumption and away from work, investment, innovation and savings.
Shareholder pushback can help
Despite the growing momentum behind the exodus to the U.S. that threatens to hollow out corporate Canada, one company’s recent decision to remain headquartered here illustrates how shareholders may play a role in stemming the flow.
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Caisse executives said on a conference call the following day that they would not disclose what was said in private conversations with TFI’s board, but said it is important for the pension manager to have strong companies in Quebec and urged firms in the province to take a long-term view rather than focusing on short-term trade threats.
Observers were quick to point out that the relationship between the pension manager and the companies in which it invests in the province is unique, given that contributing to Quebec’s economic development is part of the Caisse’s mandate. As a result, it’s far from clear the negotiated reversal would occur elsewhere in the country.
“That wouldn’t really apply to a Barrick or Brookfield because their holdings wouldn’t be the relevant block,” a veteran Bay Street lawyer, who asked not to be identified, said.
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A group of analysts at TD Securities, led by Peter Haynes, recently laid out their own prescription to counteract what they fear is an opening of the floodgates to a one-way flow of capital to the U.S.
In a Feb. 18 report, they suggested the federal government bring back income trusts, which drew significant foreign capital to Canada in the early and mid-2000s until the popular investment vehicle was shut down in 2006.
A palatable way for income trusts to make a comeback would be to confine them to small-cap companies with valuations under $5 billion to ensure that large, thriving companies do not convert to the trust structure that would deprive the government of corporate taxes on funds paid out in distributions to unitholders, the analysts said, crediting the idea to Brad Dunkley, co-founder and chief investment officer of Waratah Capital Advisors Ltd.
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It was widely perceived that planned conversions by the likes of telecom giants BCE Inc. and Telus Corp. led the federal government to put the brakes on a ballooning market segment that had cost Ottawa an estimated $300 million in tax revenue by 2005.
Another measure that has been suggested is implementing tax breaks for investing in Canadian companies. TD’s analysts suggested something similar to the Quebec Stock Savings Plan, which was created in 1979 to promote investments in companies in that province.
Canadian IPOs
They also said all levels of government could require companies receiving research grants from them to go public in Canada if they eventually pursue an initial public offering.
“This is low-hanging fruit,” the analysts said.
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While the IPO market has been sluggish across North America, Canada has been particularly quiet. There were just 25 IPOs on Canada’s public markets last year, with just $642.4 million raised in aggregate, according to figures released by CPE Analytics in January.
That total includes capital pools such as special purpose acquisition vehicles. Without those, the IPO tally shrank to 17 and gross proceeds of just $345.8 million, and just one of them, fashion retailer Groupe Dynamite Inc., was on the Toronto Stock Exchange.
A research paper published by the University of Calgary’s School of Public Policy a few years ago blamed the persistent dearth of companies going public in Canada on a “regulatory and governance ecosystem that has grown increasingly hostile to and distrustful of corporate leadership,” touching on themes that are at the forefront of the conversation in Canada today as more companies look south.
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“The problems with our public markets seem to fall into this gap between the recognition we need to get serious about economic growth and the vacuum of policy proposals,” Bryce Tingle, a member of the Alberta Securities Commission since 2022, a business law professor at the University of Calgary and one of the paper’s authors, said. “To actually compete with the U.S. would require real regulatory innovation.”
Despite the pain it causes Canada, it makes sense that companies with significant operations and shareholders in the U.S., which represents more than 25 per cent of global gross domestic product, will be drawn there, the TD analysts said.
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“These corporate decisions are not about the heartstrings,” they said. “Given that capital sees no borders, it is left to country leadership to fight back through incentives to keep these companies local and penalties for leaving. Unfortunately for Canada, we do not think this topic has gotten enough attention in C-suites and with government officials and regulators across the country.”
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Canada’s capital markets ‘hollowing out’ as pull towards United States increases
Published Mar 06, 2025 • Last updated 15 minutes ago • 13 minute read
Making it easier for Canadian companies to leave, and the “hollowing out” of Canada’s capital markets and parts of its economy that would follow, could thrust Canada into an “existential” crisis.Photo by Greg Southam/Postmedia files
Article content
The A at the front of the stock ticker for Barrick Gold Corp., a $44-billion mining company that trades as ABX on the Toronto Stock Exchange, stands for American. That word was dropped from the company’s name in the mid-1990s, but founder Peter Munk had named his company American Barrick in 1983 to make it more appealing to investors in the United States, according to a source who was close to him at the time.
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More than four decades after the company was founded with two small mines in Ontario and Quebec, Barrick is still chasing those American investors, with chief executive Mark Bristow disclosing in February that the Toronto-based company, which now has multiple mines in Nevada, may redomicile in the U.S., in part to be included in index-driven trading via the S&P 500.
It’s not the first time Barrick has considered a move to the U.S. as it has amassed significant operations there. But there is more to the story this time, with the gold company joining a growing list of companies and sectors reacting to a trade war and other policies advanced by the administration of U.S. President Donald Trump.
“With a thickening Canada-U.S. border and America’s decisive turn toward protectionism and mercantilism, coupled with lower taxes and a more attractive regulatory environment for business in the U.S., it is not difficult to imagine scenarios in which more than a few Canadian companies choose to move their head offices to the U.S.,” Jock Finlayson, a senior fellow at the Fraser Institute, said.
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Bristow told the media that Trump’s aggressive pursuit of foreign companies to become American may speed up Barrick’s decision to move south, something that was briefly floated but then quickly shelved in 2020 amid analyst estimates it could cost the company as much as $300 million.
Companies growing ties with the U.S.
Making it easier for Canadian companies to leave — something that’s long been happening through mergers and acquisitions and other corporate reorganizations — and the “hollowing out” of Canada’s capital markets and parts of its economy that would follow thrusts Canada into an “existential” crisis, analysts at TD Securities Inc. said in a note in February.
The ink was barely dry on prominent asset manager Brookfield Asset Management Ltd.’s head office move to New York from Toronto as part of a corporate restructuring in January, with the express purpose of broadening the company’s investor base and attracting additional trading through inclusion in key U.S. stock market indexes, when the TD analysts spotted a Feb. 11 regulatory filing by Canadian e-commerce champion Shopify Inc. that named a headquarters in New York for the first time.
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That and other items in the filing, including a change in the geographic segmentation of assets that favoured the U.S., led TD’s index analysts to suggest one of the country’s largest companies might also be considering ways to increase ties to the U.S. and exposure to investors south of the border.
“Make no mistake, each time a Canadian company becomes less Canadian, it is harmful to Canada’s capital markets as trading volumes will migrate to the U.S.,” the analysts said in a Feb. 18 note.
They went further a couple of days later, urging a response from Canadian policymakers, particularly amid the leadership vacuum in Ottawa with a prorogued Parliament as the Liberal Party of Canada elects a new leader.
“It is time for Canadian officials to wake up and fight back to defend against the company migration to the U.S. — this is Defcon 1 for the country that just celebrated its 65th year with a red maple leaf in the middle of its flag,” the analysts said.
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Companies have been trickling to the U.S. for years
Finlayson, a former chief policy officer at the Business Council of British Columbia, said Trump’s policies, backed by the Republican-controlled House of Representatives, raise a pressing issue for Canada beyond the location of company headquarters and share trading: where its companies and entrepreneurs will choose to invest going forward.
“This is actually what I am most worried about in current circumstances,” he said. “Trump is explicitly seeking to persuade global companies to invest more in the U.S. and, relatedly, to export less from non-U.S. locations. As America’s top trading partner, we are very much in the line of fire.”
That is not a good position to be in when large companies and capital market activity have already been trickling out of Canada for years.
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For example, the oilpatch was shaken in 2019 when Encana Corp. announced a move to Denver from Calgary as part of a reorganization and name change to Ovintiv Inc., presided over by the oil and gas company’s American chief executive Doug Suttles.
At the time, the CEO cited the larger pool of U.S. investors and index trading, while analysts pointed out that Encana had been bulking up on assets south of the border, culminating in 2018’s $5.5-billion acquisition of Houston-based Newfield Exploration Co.
Some politicians in Alberta, meanwhile, blamed Ottawa, saying federal oil and gas policies under the Liberal government penalized the industry and gave it no reason to stay in Canada.
The discussion heated up again last fall when Brookfield announced its head office plans, with predictions of an eight per cent bump in demand for the company’s shares from the move to the U.S. That was before Trump was elected and cranked up his tariff rhetoric, promising to bring economic pain to Canada in order to extract what he wants from his neighbour and largest trading partner.
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Trump takes aim at Canadian business
While Trump billed the tariffs as a necessary tool to ensure lax border controls are beefed up to stem the flow of illegal drugs and immigrants into the U.S., most commentators view the claims as cover for another, unspoken agenda.
“The real reason may be to uproot Canadian companies to redomicile to the U.S. and transfer jobs to the U.S.,” Richard Leblanc, a professor of governance, law and ethics at York University in Toronto, said.
But the Trump administration’s protectionist rhetoric has focused more attention on why some Canadian companies were already anxious to increase their presence south of the border in some way, particularly those that already do significant business there.
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That drive has only become more appealing with Trump’s flurry of executive orders that promise greater incentives for businesses, such as the one signed in January that requires the repeal of 10 regulations for any new rule or regulation proposed by a U.S. federal agency.
Other business-friendly inducements include tossing out the rule that U.S. shell companies must disclose their beneficial owner, a key anti-money-laundering measure, and pausing enforcement of the Foreign Corrupt Practices Act, which contains anti-bribery rules. Trump has also suggested that only the U.S. should be able to tax American multinational companies that operate there.
Even if some of these policies are ultimately reversed or watered down, or if the tariffs are short-lived, Canada will likely be forced to reckon with the appeal for more Canadian companies to relocate to the U.S., whether by a slow drip or a flood.
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“If we can navigate our way out of the trade/tariff imbroglio with the U.S., policymakers can then focus their attention on the country’s structural economic problems, which include the weakness of the corporate head office sector,” Finlayson said.
In the decade between 2012 and 2022, nearly one in 20 Canadian head offices either closed or merged with another company, according to Statistics Canada. The latest figures released this week show that the decline, though small, continued in 2023, with the number of head offices down just shy of five per cent since 2012.
How Canada can fight back
There is no shortage of opinions on what Canada should do to counter the trend, from tying any government aid packages to offset U.S.-imposed tariffs to prohibitions on redomiciling in the U.S. to bringing back income trusts, a popular corporate manoeuvre that reduced income taxes, but brought a flow of foreign capital into Canada in the mid-2000s.
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“If the tariffs come and governmental aid packages follow, governments should prohibit redomiciling to the U.S., put caps on executive pay, prohibit shareholder dividends, and expect workers to be retained during the aid,” Leblanc said. “Depending on the amount of the aid, governments can have the right to nominate a director to the board to oversee the foregoing.”
Using the rules built into corporate Canada could also keep some businesses at home, no matter how easy or appealing Trump makes it to increase redomiciling in the U.S., he said.
For example, directors at Canadian companies must, by law, consider more than simply what’s best for their own shareholders, something enshrined in legal precedent and a relatively new section of the Canada Business Corporations Act, Leblanc said.
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The section directs boards and management to also consider the interests of employees, creditors, consumers, governments, the environment and the long-term interests of the corporation in their decision-making.
“It has not been extensively tested, but it could be used as a basis for litigation if one or more Canadian stakeholders — employees, retirees, pensioners, creditors, consumers, governments — believe their interests were not considered properly in the decision to redomicile,” he said, adding there are arguably good reasons to remain located in Canada.
“Canadian companies enjoy the benefits of an educated and productive workforce, public health care, transportation, logistics and safety, resulting in lower input costs. Boards should think very carefully about any redomiciling, including obligations to Canadian stakeholders and reputation risk.”
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Other countries face an exodus, too
Canada is not alone in facing a hollowing out prompted by the allure of relocating in order to be included in U.S. index trading, which boosts demand for a company’s shares.
The United Kingdom’s FTSE 100 index lost companies such as Ferguson PLC and Smurfit Kappa Group PLC to the benchmark S&P 500 index over the past few years when the former sought a primary listing on the New York Stock Exchange and the latter merged with a U.S. rival.
There are also persistent rumours about larger and more emblematically British companies, such as BP PLC and Shell PLC, relocating their companies, or at least their primary listings, to the U.S. to help increase their valuations to those of their American peers.
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Some German companies, meanwhile, have relocated across the border to Switzerland because of things such as lighter administrative burdens and lower taxes, Andreas Schotter, a professor of international business at the Ivey Business School at Western University, said.
Uniquely Canadian issues
But there are some unique factors in the Canadian economy that will make responding to the outflow more difficult, market watchers say. These include interprovincial trade barriers, a few heavily concentrated sectors such as telecommunications, banking and airlines that make competition and growth difficult for challengers and relative strength in limited areas like natural resources.
“The existence of too many protected/oligopolistic markets … arguably dampens business innovation and impedes the ‘creative destruction’ process that is an important feature of thriving, market-based economies,” Finlayson said, adding that Canada’s regulatory system is ripe for an across-the-board overhaul if the country hopes to become more competitive.
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“We need to dramatically reform the country’s increasingly costly and dysfunctional regulatory systems, notably around project reviews, environmental permitting, (and) homebuilding,” he said, noting the latter is primarily a municipal-provincial issue.
Canada only has a few “national champions,” such as Shopify, because these structural roadblocks hamper companies trying to grow from small to medium-sized and then from medium-sized to large enterprises, Finlayson said.
In the mining sector, Canada has arguably become the most “hawkish” among Western mining powers by creating conditions where junior miners are often starved of exploration capital and subject to lengthy approval periods, Andrew House, a partner at law firm Fasken Martineau DuMoulin LLP, said.
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He said this has pushed a growing number of mining companies to consider leaving the country.
“Was this the outcome we wanted?” House said.
Finlayson also suggested overhauling the tax system, a near-universal cry from the business community, which would shift the burden onto consumption and away from work, investment, innovation and savings.
Shareholder pushback can help
Despite the growing momentum behind the exodus to the U.S. that threatens to hollow out corporate Canada, one company’s recent decision to remain headquartered here illustrates how shareholders may play a role in stemming the flow.
This advertisement has not loaded yet, but your article continues below.
Article content
Caisse executives said on a conference call the following day that they would not disclose what was said in private conversations with TFI’s board, but said it is important for the pension manager to have strong companies in Quebec and urged firms in the province to take a long-term view rather than focusing on short-term trade threats.
Observers were quick to point out that the relationship between the pension manager and the companies in which it invests in the province is unique, given that contributing to Quebec’s economic development is part of the Caisse’s mandate. As a result, it’s far from clear the negotiated reversal would occur elsewhere in the country.
“That wouldn’t really apply to a Barrick or Brookfield because their holdings wouldn’t be the relevant block,” a veteran Bay Street lawyer, who asked not to be identified, said.
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A group of analysts at TD Securities, led by Peter Haynes, recently laid out their own prescription to counteract what they fear is an opening of the floodgates to a one-way flow of capital to the U.S.
In a Feb. 18 report, they suggested the federal government bring back income trusts, which drew significant foreign capital to Canada in the early and mid-2000s until the popular investment vehicle was shut down in 2006.
A palatable way for income trusts to make a comeback would be to confine them to small-cap companies with valuations under $5 billion to ensure that large, thriving companies do not convert to the trust structure that would deprive the government of corporate taxes on funds paid out in distributions to unitholders, the analysts said, crediting the idea to Brad Dunkley, co-founder and chief investment officer of Waratah Capital Advisors Ltd.
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It was widely perceived that planned conversions by the likes of telecom giants BCE Inc. and Telus Corp. led the federal government to put the brakes on a ballooning market segment that had cost Ottawa an estimated $300 million in tax revenue by 2005.
Another measure that has been suggested is implementing tax breaks for investing in Canadian companies. TD’s analysts suggested something similar to the Quebec Stock Savings Plan, which was created in 1979 to promote investments in companies in that province.
Canadian IPOs
They also said all levels of government could require companies receiving research grants from them to go public in Canada if they eventually pursue an initial public offering.
“This is low-hanging fruit,” the analysts said.
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While the IPO market has been sluggish across North America, Canada has been particularly quiet. There were just 25 IPOs on Canada’s public markets last year, with just $642.4 million raised in aggregate, according to figures released by CPE Analytics in January.
That total includes capital pools such as special purpose acquisition vehicles. Without those, the IPO tally shrank to 17 and gross proceeds of just $345.8 million, and just one of them, fashion retailer Groupe Dynamite Inc., was on the Toronto Stock Exchange.
A research paper published by the University of Calgary’s School of Public Policy a few years ago blamed the persistent dearth of companies going public in Canada on a “regulatory and governance ecosystem that has grown increasingly hostile to and distrustful of corporate leadership,” touching on themes that are at the forefront of the conversation in Canada today as more companies look south.
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“The problems with our public markets seem to fall into this gap between the recognition we need to get serious about economic growth and the vacuum of policy proposals,” Bryce Tingle, a member of the Alberta Securities Commission since 2022, a business law professor at the University of Calgary and one of the paper’s authors, said. “To actually compete with the U.S. would require real regulatory innovation.”
Despite the pain it causes Canada, it makes sense that companies with significant operations and shareholders in the U.S., which represents more than 25 per cent of global gross domestic product, will be drawn there, the TD analysts said.
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“These corporate decisions are not about the heartstrings,” they said. “Given that capital sees no borders, it is left to country leadership to fight back through incentives to keep these companies local and penalties for leaving. Unfortunately for Canada, we do not think this topic has gotten enough attention in C-suites and with government officials and regulators across the country.”
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Some of country’s largest companies mulling ways to increase ties to the U.S. and exposure to investors south of the border
Published Mar 06, 2025 • Last updated 5 hours ago • 13 minute read
Making it easier for Canadian companies to leave, and the “hollowing out” of Canada’s capital markets and parts of its economy that would follow, could thrust Canada into an “existential” crisis.Photo by Greg Southam/Postmedia files
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The A at the front of the stock ticker for Barrick Gold Corp., a $44-billion mining company that trades as ABX on the Toronto Stock Exchange, stands for American. That word was dropped from the company’s name in the mid-1990s, but founder Peter Munk had named his company American Barrick in 1983 to make it more appealing to investors in the United States, according to a source who was close to him at the time.
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More than four decades after the company was founded with two small mines in Ontario and Quebec, Barrick is still chasing those American investors, with chief executive Mark Bristow disclosing in February that the Toronto-based company, which now has multiple mines in Nevada, may redomicile in the U.S., in part to be included in index-driven trading via the S&P 500.
It’s not the first time Barrick has considered a move to the U.S. as it has amassed significant operations there. But there is more to the story this time, with the gold company joining a growing list of companies and sectors reacting to a trade war and other policies advanced by the administration of U.S. President Donald Trump.
“With a thickening Canada-U.S. border and America’s decisive turn toward protectionism and mercantilism, coupled with lower taxes and a more attractive regulatory environment for business in the U.S., it is not difficult to imagine scenarios in which more than a few Canadian companies choose to move their head offices to the U.S.,” Jock Finlayson, a senior fellow at the Fraser Institute, said.
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Bristow told the media that Trump’s aggressive pursuit of foreign companies to become American may speed up Barrick’s decision to move south, something that was briefly floated but then quickly shelved in 2020 amid analyst estimates it could cost the company as much as $300 million.
Companies growing ties with the U.S.
Making it easier for Canadian companies to leave — something that’s long been happening through mergers and acquisitions and other corporate reorganizations — and the “hollowing out” of Canada’s capital markets and parts of its economy that would follow thrusts Canada into an “existential” crisis, analysts at TD Securities Inc. said in a note in February.
The ink was barely dry on prominent asset manager Brookfield Asset Management Ltd.’s head office move to New York from Toronto as part of a corporate restructuring in January, with the express purpose of broadening the company’s investor base and attracting additional trading through inclusion in key U.S. stock market indexes, when the TD analysts spotted a Feb. 11 regulatory filing by Canadian e-commerce champion Shopify Inc. that named a headquarters in New York for the first time.
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That and other items in the filing, including a change in the geographic segmentation of assets that favoured the U.S., led TD’s index analysts to suggest one of the country’s largest companies might also be considering ways to increase ties to the U.S. and exposure to investors south of the border.
“Make no mistake, each time a Canadian company becomes less Canadian, it is harmful to Canada’s capital markets as trading volumes will migrate to the U.S.,” the analysts said in a Feb. 18 note.
They went further a couple of days later, urging a response from Canadian policymakers, particularly amid the leadership vacuum in Ottawa with a prorogued Parliament as the Liberal Party of Canada elects a new leader.
“It is time for Canadian officials to wake up and fight back to defend against the company migration to the U.S. — this is Defcon 1 for the country that just celebrated its 65th year with a red maple leaf in the middle of its flag,” the analysts said.
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Companies have been trickling to the U.S. for years
Finlayson, a former chief policy officer at the Business Council of British Columbia, said Trump’s policies, backed by the Republican-controlled House of Representatives, raise a pressing issue for Canada beyond the location of company headquarters and share trading: where its companies and entrepreneurs will choose to invest going forward.
“This is actually what I am most worried about in current circumstances,” he said. “Trump is explicitly seeking to persuade global companies to invest more in the U.S. and, relatedly, to export less from non-U.S. locations. As America’s top trading partner, we are very much in the line of fire.”
That is not a good position to be in when large companies and capital market activity have already been trickling out of Canada for years.
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For example, the oilpatch was shaken in 2019 when Encana Corp. announced a move to Denver from Calgary as part of a reorganization and name change to Ovintiv Inc., presided over by the oil and gas company’s American chief executive Doug Suttles.
At the time, the CEO cited the larger pool of U.S. investors and index trading, while analysts pointed out that Encana had been bulking up on assets south of the border, culminating in 2018’s $5.5-billion acquisition of Houston-based Newfield Exploration Co.
Some politicians in Alberta, meanwhile, blamed Ottawa, saying federal oil and gas policies under the Liberal government penalized the industry and gave it no reason to stay in Canada.
The discussion heated up again last fall when Brookfield announced its head office plans, with predictions of an eight per cent bump in demand for the company’s shares from the move to the U.S. That was before Trump was elected and cranked up his tariff rhetoric, promising to bring economic pain to Canada in order to extract what he wants from his neighbour and largest trading partner.
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Trump takes aim at Canadian business
While Trump billed the tariffs as a necessary tool to ensure lax border controls are beefed up to stem the flow of illegal drugs and immigrants into the U.S., most commentators view the claims as cover for another, unspoken agenda.
“The real reason may be to uproot Canadian companies to redomicile to the U.S. and transfer jobs to the U.S.,” Richard Leblanc, a professor of governance, law and ethics at York University in Toronto, said.
But the Trump administration’s protectionist rhetoric has focused more attention on why some Canadian companies were already anxious to increase their presence south of the border in some way, particularly those that already do significant business there.
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That drive has only become more appealing with Trump’s flurry of executive orders that promise greater incentives for businesses, such as the one signed in January that requires the repeal of 10 regulations for any new rule or regulation proposed by a U.S. federal agency.
Other business-friendly inducements include tossing out the rule that U.S. shell companies must disclose their beneficial owner, a key anti-money-laundering measure, and pausing enforcement of the Foreign Corrupt Practices Act, which contains anti-bribery rules. Trump has also suggested that only the U.S. should be able to tax American multinational companies that operate there.
Even if some of these policies are ultimately reversed or watered down, or if the tariffs are short-lived, Canada will likely be forced to reckon with the appeal for more Canadian companies to relocate to the U.S., whether by a slow drip or a flood.
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“If we can navigate our way out of the trade/tariff imbroglio with the U.S., policymakers can then focus their attention on the country’s structural economic problems, which include the weakness of the corporate head office sector,” Finlayson said.
In the decade between 2012 and 2022, nearly one in 20 Canadian head offices either closed or merged with another company, according to Statistics Canada. The latest figures released this week show that the decline, though small, continued in 2023, with the number of head offices down just shy of five per cent since 2012.
How Canada can fight back
There is no shortage of opinions on what Canada should do to counter the trend, from tying any government aid packages to offset U.S.-imposed tariffs to prohibitions on redomiciling in the U.S. to bringing back income trusts, a popular corporate manoeuvre that reduced income taxes, but brought a flow of foreign capital into Canada in the mid-2000s.
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“If the tariffs come and governmental aid packages follow, governments should prohibit redomiciling to the U.S., put caps on executive pay, prohibit shareholder dividends, and expect workers to be retained during the aid,” Leblanc said. “Depending on the amount of the aid, governments can have the right to nominate a director to the board to oversee the foregoing.”
Using the rules built into corporate Canada could also keep some businesses at home, no matter how easy or appealing Trump makes it to increase redomiciling in the U.S., he said.
For example, directors at Canadian companies must, by law, consider more than simply what’s best for their own shareholders, something enshrined in legal precedent and a relatively new section of the Canada Business Corporations Act, Leblanc said.
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The section directs boards and management to also consider the interests of employees, creditors, consumers, governments, the environment and the long-term interests of the corporation in their decision-making.
“It has not been extensively tested, but it could be used as a basis for litigation if one or more Canadian stakeholders — employees, retirees, pensioners, creditors, consumers, governments — believe their interests were not considered properly in the decision to redomicile,” he said, adding there are arguably good reasons to remain located in Canada.
“Canadian companies enjoy the benefits of an educated and productive workforce, public health care, transportation, logistics and safety, resulting in lower input costs. Boards should think very carefully about any redomiciling, including obligations to Canadian stakeholders and reputation risk.”
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Other countries face an exodus, too
Canada is not alone in facing a hollowing out prompted by the allure of relocating in order to be included in U.S. index trading, which boosts demand for a company’s shares.
The United Kingdom’s FTSE 100 index lost companies such as Ferguson PLC and Smurfit Kappa Group PLC to the benchmark S&P 500 index over the past few years when the former sought a primary listing on the New York Stock Exchange and the latter merged with a U.S. rival.
There are also persistent rumours about larger and more emblematically British companies, such as BP PLC and Shell PLC, relocating their companies, or at least their primary listings, to the U.S. to help increase their valuations to those of their American peers.
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Some German companies, meanwhile, have relocated across the border to Switzerland because of things such as lighter administrative burdens and lower taxes, Andreas Schotter, a professor of international business at the Ivey Business School at Western University, said.
Uniquely Canadian issues
But there are some unique factors in the Canadian economy that will make responding to the outflow more difficult, market watchers say. These include interprovincial trade barriers, a few heavily concentrated sectors such as telecommunications, banking and airlines that make competition and growth difficult for challengers and relative strength in limited areas like natural resources.
“The existence of too many protected/oligopolistic markets … arguably dampens business innovation and impedes the ‘creative destruction’ process that is an important feature of thriving, market-based economies,” Finlayson said, adding that Canada’s regulatory system is ripe for an across-the-board overhaul if the country hopes to become more competitive.
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“We need to dramatically reform the country’s increasingly costly and dysfunctional regulatory systems, notably around project reviews, environmental permitting, (and) homebuilding,” he said, noting the latter is primarily a municipal-provincial issue.
Canada only has a few “national champions,” such as Shopify, because these structural roadblocks hamper companies trying to grow from small to medium-sized and then from medium-sized to large enterprises, Finlayson said.
In the mining sector, Canada has arguably become the most “hawkish” among Western mining powers by creating conditions where junior miners are often starved of exploration capital and subject to lengthy approval periods, Andrew House, a partner at law firm Fasken Martineau DuMoulin LLP, said.
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He said this has pushed a growing number of mining companies to consider leaving the country.
“Was this the outcome we wanted?” House said.
Finlayson also suggested overhauling the tax system, a near-universal cry from the business community, which would shift the burden onto consumption and away from work, investment, innovation and savings.
Shareholder pushback can help
Despite the growing momentum behind the exodus to the U.S. that threatens to hollow out corporate Canada, one company’s recent decision to remain headquartered here illustrates how shareholders may play a role in stemming the flow.
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Caisse executives said on a conference call the following day that they would not disclose what was said in private conversations with TFI’s board, but said it is important for the pension manager to have strong companies in Quebec and urged firms in the province to take a long-term view rather than focusing on short-term trade threats.
Observers were quick to point out that the relationship between the pension manager and the companies in which it invests in the province is unique, given that contributing to Quebec’s economic development is part of the Caisse’s mandate. As a result, it’s far from clear the negotiated reversal would occur elsewhere in the country.
“That wouldn’t really apply to a Barrick or Brookfield because their holdings wouldn’t be the relevant block,” a veteran Bay Street lawyer, who asked not to be identified, said.
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A group of analysts at TD Securities, led by Peter Haynes, recently laid out their own prescription to counteract what they fear is an opening of the floodgates to a one-way flow of capital to the U.S.
In a Feb. 18 report, they suggested the federal government bring back income trusts, which drew significant foreign capital to Canada in the early and mid-2000s until the popular investment vehicle was shut down in 2006.
A palatable way for income trusts to make a comeback would be to confine them to small-cap companies with valuations under $5 billion to ensure that large, thriving companies do not convert to the trust structure that would deprive the government of corporate taxes on funds paid out in distributions to unitholders, the analysts said, crediting the idea to Brad Dunkley, co-founder and chief investment officer of Waratah Capital Advisors Ltd.
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It was widely perceived that planned conversions by the likes of telecom giants BCE Inc. and Telus Corp. led the federal government to put the brakes on a ballooning market segment that had cost Ottawa an estimated $300 million in tax revenue by 2005.
Another measure that has been suggested is implementing tax breaks for investing in Canadian companies. TD’s analysts suggested something similar to the Quebec Stock Savings Plan, which was created in 1979 to promote investments in companies in that province.
Canadian IPOs
They also said all levels of government could require companies receiving research grants from them to go public in Canada if they eventually pursue an initial public offering.
“This is low-hanging fruit,” the analysts said.
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While the IPO market has been sluggish across North America, Canada has been particularly quiet. There were just 25 IPOs on Canada’s public markets last year, with just $642.4 million raised in aggregate, according to figures released by CPE Analytics in January.
That total includes capital pools such as special purpose acquisition vehicles. Without those, the IPO tally shrank to 17 and gross proceeds of just $345.8 million, and just one of them, fashion retailer Groupe Dynamite Inc., was on the Toronto Stock Exchange.
A research paper published by the University of Calgary’s School of Public Policy a few years ago blamed the persistent dearth of companies going public in Canada on a “regulatory and governance ecosystem that has grown increasingly hostile to and distrustful of corporate leadership,” touching on themes that are at the forefront of the conversation in Canada today as more companies look south.
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“The problems with our public markets seem to fall into this gap between the recognition we need to get serious about economic growth and the vacuum of policy proposals,” Bryce Tingle, a member of the Alberta Securities Commission since 2022, a business law professor at the University of Calgary and one of the paper’s authors, said. “To actually compete with the U.S. would require real regulatory innovation.”
Despite the pain it causes Canada, it makes sense that companies with significant operations and shareholders in the U.S., which represents more than 25 per cent of global gross domestic product, will be drawn there, the TD analysts said.
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“These corporate decisions are not about the heartstrings,” they said. “Given that capital sees no borders, it is left to country leadership to fight back through incentives to keep these companies local and penalties for leaving. Unfortunately for Canada, we do not think this topic has gotten enough attention in C-suites and with government officials and regulators across the country.”
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TORONTO & BELAGAVI, India — Magellan Aerospace Corporation (“Magellan”) announced the signing of a Memorandum of Understanding (MOU) today with Aequs Private Limited (“Aequs”) to explore the development of a business plan for setting up a 50/50 jointly-owned aerospace sand casting facility situated at the Belagavi Aerospace Cluster (BAC), in Karnataka, India.
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The proposed facility aims to meet the sand casting demands in the growing aerospace industry. This increased sand-casting capacity would support both commercial and defence sectors.
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Currently, India has a limited number of aerospace-qualified NADCAP sand casting facilities. This new venture aims to enhance sand casting capabilities in Southeast Asia. Magellan is currently a centre of excellence for sand castings in North America, with the ability to cast complex geometries in the industry utilizing the chemically bonded sand process. The North American facilities have expertise in utilizing innovative, leading technologies such as 3D sand printing, robotics, digital radiography, and automated differential pressure bottom pouring.
India’s aerospace sector has experienced growth over the past decade, driven by government initiatives including Make in India and UDAN Scheme, growth in the private sector, and increasing air traffic. Air travel demand in India has surged, making it one of the fastest-growing aviation markets in the world.
In 2007, Aequs and Magellan established Aerospace Processing India (API), a joint venture that was the first third party facility approved by both Airbus and Boeing in India, providing innovative surface treatment solutions not readily available in India.
In 2024, Magellan and Aequs entered a Memorandum of Understanding to explore the development of a business plan for a jointly owned facility for maintenance, repair and overhaul of aircraft engines in Karnataka, India. These ventures demonstrate the foundation of the Aequs and Magellan relationship that aims to deliver effective solutions to support a global customer base.
Commenting on this newly agreed-to MOU, Aravind Melligeri, Chairman and CEO, Aequs, said, “This proposal to explore the setting up of a sand casting facility with our long-time partner Magellan Aerospace at the Belagavi Aerospace Cluster is aligned with our commitment to offer our customers world class manufacturing processes and technologies. It will also contribute to the vertically integrated manufacturing capabilities that Aequs operates at the Cluster. Advancements in sand casting technology have made it possible to provide lightweight yet robust components made to stringent standards that the aerospace industry demands.”
Phillip Underwood, President and CEO, Magellan Aerospace,said, “With the anticipated aerospace and aviation growth, this potential new sand casting venture in India will focus on infrastructure development, cost advantages, capacity increases and strategic initiatives that are essential to realizing the sector’s global potential. Magellan is committed to helping grow this commodity in India. We are ready to meet the growing needs of our castings customers with the cost-effective and quality solutions they have come to expect.”
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About Aequs Private Limited
Aequs ( www.aequs.com) was founded in 2006 and is a diversified manufacturing platform providing vertically integrated, high precision manufacturing solutions for the aerospace and consumer industries. It runs manufacturing operations across three continents to provide supply chain efficiencies to its global customer base in multiple industry verticals. Aequs currently operates manufacturing facilities in India, France, and the United States of America.
About Magellan Aerospace Corporation
Magellan Aerospace Corporation ( www.magellan.aero) is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout North America, Europe, and India.
Forward Looking Statements
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. When used herein, words such as “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe”, and similar expressions, are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Corporation believes are appropriate in the circumstances. Many factors could cause the Corporation’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including those described in the “Risk Factors” section of the Corporation’s Annual Information Form (copies of which filings may be obtained at www.sedar.com). These factors should be considered carefully, and readers should not place undue reliance on the Corporation’s forward-looking statements. The Corporation has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
A new report published by the Ontario Mining Association (OMA), supported by Ontario’s Ministry of Mines, reveals Ontario’s domestic mineral exports—minerals and metals extracted in the province—were valued at $64 billion in 2023, making up over a quarter of Ontario’s total exported goods. Ontario’s mineral exports to the United States totaled $42 billion, including $5.7 billion from critical minerals such as platinum group metals, nickel, copper, uranium and zinc. Fifty-Seven per cent of all Ontario’s critical mineral exports went to the United States.
All of this new information sheds a spotlight on the inter-dependency of the Canadian and American minerals market as we face more U.S. tariff threats.
The State of the Ontario Mining Sector report leverages the most recent data available to highlight the mining industry’s strategic role in the provincial economy and feeding global markets. With 18 gold mines, Ontario is Canada’s largest producer of gold, a key input in modern manufacturing and a vital hedge against inflation, currency devaluation and economic uncertainty. The province is also home to nine active critical mineral mines and 10 processing facilities, supplying advanced materials for industries such as health diagnostics, aerospace, and defence.
The report underscores mining’s powerful economic impact, with the sector contributing $23.8 billion to Ontario’s gross domestic product (GDP) in 2023—nearly 3% of the province’s total GDP. Mining invested $5.2 billion in capital expenditures, supporting employment and regional development. Approximately 22,000 people are directly employed in mining, earning an average of $150,000 annually, nearly double the provincial all-industry average. Additionally, 12% of the mining workforce identifies as Indigenous, compared to 3% across Ontario’s overall workforce. A further 126,000 jobs are indirectly supported by the sector.
Priya Tandon, president of the Ontario Mining Association, commented: “Ontario’s mining sector is a cornerstone of our technology-driven economy, delivering well-paying jobs, producing essential inputs to North America’s manufacturing supply chain, and plays a vital role in our continental security. Industry partnerships with Indigenous communities advancing their economic development and our safety and environmental practices can be a model to the world.”
“Our geology has afforded the province of Ontario to be a world-leading mining jurisdiction for well over one hundred years. However, our mining ecosystem is vulnerable to geopolitical and trade uncertainty. Generational change is happening, and much hard work lies ahead to ensure our sector remains vibrant and ready to capitalize on the immense opportunity in front of us.’
The state of Ontario’s mining industry in 2025
The OMA report provides a comprehensive overview of the industry’s current landscape, challenges, and opportunities. Ontario hosts 36 active mining operations, with mineral production valued at $15.7 billion in 2023—a 50% increase over the past decade. Between 2019 and 2024, four new operating mines opened in Northern Ontario, with six new mine projects and four mine expansions currently underway.
Ontario remains Canada’s top gold producer. There are 18 operating gold mines primarily located in the U-shape Superior geological region running from Minnesota through Ontario to Québec, producing approximately 2.9 million troy ounces of gold in 2023 valued at $6.5 billion—45% of Canada’s total and 3% of global production. The province also has 12 advanced gold exploration projects.
Ontario’s critical minerals sector is expanding. Nine active mines and 10 processing facilities, producing materials such as nickel, copper, platinum group metals, and cobalt, saw total production value of $6.4 billion in 2023. With global demand for critical minerals surging, Ontario’s mining sector is strategically positioned for growth. By 2040, demand for nickel is projected to be 14 times higher than in 2021, while cobalt demand is expected to rise sevenfold and copper demand threefold. The Sudbury Basin and the Ring of Fire contain key deposits of nickel, copper, platinum, and chromite.
Mining remains vital to Ontario’s economy. The industry directly contributed $23.8 billion to GDP in 2023, with indirect contributions adding another $8 billion—a 35% increase. Capital investments totaled $5.2 billion, fueling job growth and economic prosperity.
Ontario is the leading global centre for mining finance. The Toronto Stock Exchange and TSX Venture Exchange list 40% of the world’s publicly traded mining companies, with a combined market value of $603 billion at the end of 2024—more than triple their 2015 value.
The sector has strong export performance. Notably Ontario’s minerals and mining sector exported $64 billion of goods to the world in 2023, representing about a quarter of all of Ontario’s goods exported. The largest destination for these mineral exports was to the United States at $42 billion, with the states of New York, Michigan, Illinois and Indiana as the largest destinations. Fifty-seven per cent of Ontario’s critical minerals exports went to the United States with a value of $5.7 billion. Ontario imported $77 billion in minerals and metals products, including $40.6 billion from the United States.
Ongoing investment in exploration is vital to sustaining future mineral reserves. There were 364,531 active mining claims in Ontario at the end of 2024 and exploration spend reached $976 million in 2023, representing 23% of total exploration spend across Canada. Exploration is especially vital for nickel, copper, and zinc where reserves have decreased substantially over the past quarter century: nickel by 58%, copper by 67%, and zinc by 95%. There are 32 significant mineral projects in Ontario, including projects in the Ring of Fire area that remains a critical zone for potential development.
About 25% of all direct mining jobs in Canada are in Ontario. Mining drives employment and prosperity across the province, with extraction directly employing almost 22,000 people receiving average annual earnings of $150,000—almost double the provincial all-industry average. Primary manufacturing, downstream manufacturing and services support a further 130,000 jobs. The mining labour force is approximately 80% male, with 21% of the workforce new to Canada. Over 2023–2024, 12% of the mining workforce identify as Indigenous, compared to 3% across Ontario’s overall workforce.
The mining sector has 142 active agreements with Indigenous communities, promoting shared economic value and community development. These include exploration and impact benefit agreements, and government resource revenue sharing where 35 First Nations receive 40% of mining tax revenues from operating mines, and 45% from future mines.
Safety remains a top priority for the mining sector in Ontario. The sector has maintained a lost-time injury rate 17% below the all-industry average in Ontario since 2020. A low rate is a key indicator that safety protocols and practices are being followed effectively.
Twenty-one per cent of mining workers are over the age of 55. Workforce shortages remain a challenge, especially as enrolment in mining-related education is declining. Initiatives like the OMA’s “This is Mine Life” campaign—which is funded in part by the Government of Canada and the Government of Ontario through the Ontario Labour Market Partnerships program within Ontario’s Ministry of Labour, Immigration, Training and Skills Development—are working to encourage young people and newcomers to Canada to consider a career in mining. The impact of such efforts is promising. According to an omnibus poll of Ontario youth (aged 16–28) conducted by Ipsos in February 2025, 39% or approximately 1.3 million Ontario youth would now consider a career in mining, including 91,000 youth who reside in Northern Ontario.
Innovation and sustainability continue to redefine Ontario’s mining landscape. Ontario’s mining industry is a leader in clean technology adoption, using battery-electric vehicles and autonomous trucks at higher rates than other industries. As global demand for low-carbon technologies rises, Ontario’s minerals will be essential. Electric vehicles require six times more minerals than traditional vehicles; wind turbines require nine times more minerals than gas plants; and solar panels require six times more minerals than traditional power sources.
VANCOUVER, BC, March 5, 2025 /PRNewswire/ — GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, is today providing an update on its investor relations representative and Notice from Nasdaq stock exchange.
As previously disclosed, on February 26, 2024 GreenPower entered into an agreement to appoint RedChip Companies, Inc. (“RC”) as an Investor Relations Representative for GreenPower. The agreement had a term of six months and has continued on a month to month basis since then. Under this agreement, RC provides services including assistance preparing investor marketing material, communicating with and marketing to potential investors, shareholders and media contacts and GreenPower pays RC a monthly fee of US $10,500, plus reimbursement of pre-approved costs, for these services. RC is an investor relations firm based in Florida, United States, and is acting as an arms length advisor to GreenPower. To the best knowledge of GreenPower, RC does not have a direct or indirect interest in GreenPower, or the securities of GreenPower, nor does it have any right or intent to acquire such an interest.
On February 27, 2025 GreenPower received a notice from the Nasdaq stock exchange (“Nasdaq”) that the closing price of GP shares on Nasdaq has been below the minimum $1 per share for the last 30 consecutive business days, and that GreenPower is therefore out of compliance with Nasdaq Listing Rules. If GP shares close above $1 per share for 10 consecutive trading days within 180 calendar days from the date of notice then GreenPower will regain compliance. If GP shares do not regain compliance with the Nasdaq Listing Rules within 180 calendar days then the Company may be eligible for an additional 180 calendar days to regain compliance if it meets all of the initial Listing Standards for the Nasdaq Capital Market other than the bid price requirement and provides written notice of its intention to cure the bid price requirement criteria.
For further information contact:
Fraser Atkinson, CEO (604) 220-8048
Michael Sieffert, CFO (604) 563-4144
About GreenPower Motor Company Inc. GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com
Forward-Looking Statements This document contains forward-looking statements relating to, among other things, GreenPower’s business and operations and the environment in which it operates, which are based on GreenPower’s operations, estimates, forecasts and projections. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “upon”, “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. A number of important factors including those set forth in other public filings (filed under the Company’s profile on www.sedar.com) could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. GreenPower disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Under this agreement, fully optimized Ka-band LEO flat panels for the Telesat Lightspeed network are being designed and manufactured to deliver high-speed throughput for markets including fixed enterprise applications, wireless backhaul, government, land mobility and maritime connectivity.
Intellian is trusted by customers worldwide, recognized for its exceptional reliability and quality. Their technical innovation and proprietary advancements in Active Electronically Scanning Arrays (AESA) flat panel User Terminals has driven the expansion of Intellian’s portfolio, now featuring the latest groundbreaking Ka-band AESA technology.
Telesat Lightspeed customers will benefit from Intellian’s fully integrated approach to satellite connectivity User Terminal manufacturing. Produced in their state-of-the-art campus, these small form factor flat panels leverage specialized manufacturing techniques to deliver exceptional performance with minimal weight and power consumption.
Edward Joannides, VP of Strategy & Business Development for Intellian, said, “We’re thrilled to partner with Telesat to develop flat panel antennas for the Telesat Lightspeed network, enabling reliable, high performing satellite connectivity for their customers across land, mobile, maritime, and government markets. This new AESA collaboration follows previously announced contract awards forparabolic reference terminals and the Gateway Antenna System program.”
Aneesh Dalvi, Vice President of Telesat Lightspeed Systems Development, said, “Our expanded collaboration with Intellian demonstrates our confidence in their ability to deliver cutting-edge technology that meets the mission-critical requirements that our customers trust Telesat to deliver. We’re committed to offering flexible solutions and the Intellian AESA will be an attractive option, enabling customers to connect to our global network with ease and confidence.”
About Telesat Backed by a legacy of engineering excellence, reliability and industry-leading customer service, Telesat (NASDAQ and TSX: TSAT) is one of the largest and most innovative global satellite operators. Telesat works collaboratively with its customers to deliver critical connectivity solutions that tackle the world’s most complex communications challenges, providing powerful advantages that improve their operations and drive profitable growth.Telesat Lightspeed, the company’s state-of-the-art, Low Earth Orbit (LEO) satellite network, has been optimized to meet the rigorous requirements of telecom, government, maritime and aeronautical customers. Telesat Lightspeed will redefine global satellite connectivity with ubiquitous, affordable, high-capacity, secure and resilient links with fiber-like speeds.
About Intellian Technologies, Inc Intellian is driven by a passion for innovation and an agile responsiveness to customer needs. As the crucial link between satellite networks and millions of people on Earth, Intellian’s leading technology and antennas empower global connectivity across oceans and continents, organizations and communities. Strategic thinking, an obsession with quality and a proven ability to deliver enables Intellian to invent for the future, creating mutual success for partners and customers as the world’s connectivity needs evolve.
Intellian Technologies Inc. is listed on the Korean Stock Exchange, KOSDAQ (189300:KS).
Bird Secures $470 Million of Project Awards Across Key Sectors, Reinforcing Diversified Growth Strategy – Toronto Stock Exchange News Today – EIN Presswire
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Research report, “The Connected Family: Screentime is Bonding Time,” commissioned from Savanta, reveals new insights into the content-viewing and gaming preferences of US families, suggesting cross-platform integration is key for brands to engage parents and kids
85% of parents say enjoying video content together is a key family bonding experience, third only to mealtime and travel
9 in 10 parents watch content together with their child on paid SVOD platforms
Younger parents see greatest value in family viewing, with 71% of Gen Z parents and 61% of Millennial parents watching content with their kids at least once a day
Three-quarters of parents watch content with kids on YouTube, AVOD and FAST platforms, with YouTube being twice as popular as the next closest AVOD
62% of Gen Z parents use FAST channels and not Cable TV when watching video content together with their child, while two-thirds of Gen Z parents use YouTube and not Cable TV when watching together
Amazon Prime, Netflix, Hulu and Disney+ rank as the top paid SVOD platforms for family viewing
Parents trust kids to recommend content, but remain final-decision makers, with strong preferences for family-friendly and educational content
Almost 50% of parents enjoy gaming with their kids on Roblox, Minecraft or Fortnite
84% of parents and kids enjoy engaging with familiar characters that crossover between gaming and video content watched together, and vice versa
88% of Gen Z and Millennial parents are likely to buy products or movie tickets seen in a video game played with their kids
Over 70% of parents have made purchases based on integrated brands seen when watching video content or gaming with their kids
TORONTO, March 5, 2025 /CNW/ – WildBrain, a global leader in kids’ and family entertainment, has launched the results of new research which highlights the evolving content-viewing habits of US families. The new research, titled “The Connected Family: Screentime is Bonding Time,” was commissioned by WildBrain and conducted by leading research company Savanta. It explores the perceptions and preferences of US families around the content they watch and games they play, as well as the value for families of watching and gaming together as bonding activities, and how families recognize and engage with the brands they see.
Bonding around shared experiences
The research, which surveyed approximately 2,100 parents and children in the US*, points to the shared experience of watching content with their children as an activity parents value as a key part of family life. In fact, the research shows that families rate watching content together to be their third-most important bonding activity after only mealtime and travelling together, and ahead of experiences like sports, arts and crafts, theme parks, concerts, museums, and shopping. Family viewing is especially important to younger parents, the majority of whom (71% Gen Z and 61% Millennials) watch content together with their kids at least once a day, while Gen X parents (49%) appreciate that it provides a low-effort way to bond with their children. The findings also show that family viewing goes beyond just having videos play in the background, with the majority of parents (89%) actively watching the same screen or device as their children.
Parents also expressed that nostalgia and familiarity are key drivers in decision making when choosing which content to watch. Parents enjoy sharing hows and movies from their own childhood with their kids, creating a sense of continuity and shared family history. Parents and children also have equal input when it comes to choosing what to watch, but both understand that parents have the final say. The data shows that parents look for content that is age-appropriate, family-friendly, educational, and conducive to the bonding experience.
Gaming offers more ways for families to connect
In gaming, the research shows that Roblox is the top choice for families—it provides opportunities for bonding through interactive play and is entertaining while also offering educational value. It is also a game that benefits from character familiarity and brand crossover, leading to stronger affiliation. Roblox is the top platform for kids (69%), followed by Minecraft (63%), and Fortnite (55%). Kids aged 9-12 are the most active Roblox players (76% using the platform), while teens aged 13-15 are the most active users on Fortnite (65%).
Children aged 6-15 trust YouTube the most to tell them what video games to play, while YouTube is the primary destination for watching gaming-based content. More than 70% of children like to see their favorite video and gaming characters on YouTube.
Cross-platform strategies reach families
The research further shows that brands looking to engage with parents and kids should adopt cross-platform brand-integration strategies that contemplate leveraging the reach of YouTube, gaming, FAST, and AVOD. The data demonstrates great interest among children in interacting with their favorite characters across new formats and platforms, be it gaming characters in shows, or vice versa. In particular, children enjoy dressing their avatars in character-related costumes or by playing as part of their favorite characters’ teams. This interest also extends to parents, with 8 out of 10 stating they would like to see new platform-character crossovers. In particular, brand integrations on gaming platforms are effective in influencing family purchases, especially for entertainment and food.
This important family time presents key opportunities for brands to reach parents. The data demonstrates that, in general, parents and children are comfortable with watching informative or entertaining brand promotions. The majority of parents (71%) have made purchases in the past based on brands they have seen when watching video content or gaming with their child, and two-thirds of children have asked their parents to buy them a toy or game after seeing a real-life brand in a video game.
WildBrain’s COPPA- and CARU-compliant capabilities
Emma Witkowski, VP Media Solutions at WildBrain, said: “Building off our research from last year, it’s striking to see in our new research just how important content-viewing and gaming time have become to families. Screentime isn’t just for babysitting anymore—it has become an important bonding experience, and parents are just as engaged in what’s on the screen as their kids, presenting a unique opportunity for brands to engage audiences and generate interest.
“Nostalgia as a key decision-driver for parents speaks directly to WildBrain’s core capabilities. Our expansive presence across platforms offers COPPA- and CARU-compliant opportunities to reach parents and engage families. Through our world-leading YouTube network and our capacity as a dominant player in the kids’ and family FAST space, we position brands alongside broadcast-quality, premium content featuring well-known properties, such as Teletubbies, Strawberry Shortcake, and many more. Additionally, we offer advanced capabilities in brand integrations on leading gaming platforms.
“Today’s families are bonding over content and games, generating conversations and fandom that build enthusiasm to engage with brands off screen through products and experiences. Our Media Solutions team at WildBrain is the ideal partner to help brand owners develop and implement effective cross-platform integration strategies to leverage these trends and engage families where they spend time together.”
*Research methodology
Research was conducted by Savanta on behalf of WildBrain to understand the viewing habits, engagement levels and content selection processes of US families.
Data collection took place from November 18—28, 2024.
A total of 2,091 participants were recruited across the US, with the sample being made up of children 2–15 and their parents.
Parents answered the first half of the survey, with the children answering the second half. Children aged 9–15 answered by themselves (with assistance), while children aged 8 and under were guided by their parents.
Data was weighted to be representative of US parents with children aged 2—15 by gender and region.
An additional wave of research was conducted December 2—6, 2024 to provide qualitative depth of insight and visual evidence to add colour to the quantitative findings. For this, Savanta conducted a five-day online community of 15 US parents with children living in the household. Follow-up one-on-one interviews were conducted from December 10—12, 2024 with six select participants from the online community.
Aimée Norman at Liberi Consulting, external PR for WildBrain [email protected] +44 (0) 7957 564 050
About WildBrain
At WildBrain we inspire imaginations through the wonder of storytelling. As a leader in 360° franchise management, we are experts in content creation, audience engagement and global licensing, cultivating and growing love for our own and partner brands around the world. With approximately 14,000 half-hours of kids’ and family content in our library—one of the world’s most extensive—we are home to such treasured franchises as Peanuts, Teletubbies, Strawberry Shortcake, Yo Gabba Gabba!, Inspector Gadget and Degrassi. WildBrain’s mission is to create exceptional entertainment experiences that captivate and delight fans both young and young at heart.
Our studios produce such award-winning series as The Snoopy Show; Snoopy in Space; Camp Snoopy; Strawberry Shortcake: Berry in the Big City; Sonic Prime; Chip and Potato; Teletubbies Let’s Go! and many more. Enjoyed in more than 150 countries on over 500 platforms, our content is everywhere kids and families view entertainment, including YouTube, where our network has garnered approximately 1.5 trillion minutes of watch time. Our television group owns and operates some of Canada’s most loved family entertainment channels. WildBrain CPLG, our leading consumer-products and location-based entertainment agency, represents our owned and partner properties in every major territory worldwide.
WildBrain is headquartered in Canada with offices worldwide and trades on the Toronto Stock Exchange (TSX: WILD). Visit us at wildbrain.com.
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