As Canada’s business events sector continues to recover from the impacts of the pandemic, the stakes have never been higher. Business events are a vital component of Canada’s tourism industry and a significant economic driver, contributing billions in revenue and supporting hundreds of thousands of jobs across the country.  

Yet, Destination Canada’s recent Tourism Outlook forecasts that a full recovery may not come until 2028, putting Canada at risk of losing its competitive edge in the global business events market. Prior to the pandemic, this sector represented 40% of total tourism spending, supported 242,000 direct jobs, and contributed $27.4 billion to Canada’s GDP.  

To accelerate business event recovery, Destination Canada received a three-year funding envelope of $50 million in 2023 to enhance bids for attracting major international conventions through the new International Convention Attraction Fund (ICAF). The ICAF provides Canadian destinations with up to $1 million in financial backing for their respective bids.  

As key partners in the ICAF program, Canada’s destination organizations are demonstrating their important role as champions of local businesses and catalysts for economic growth at all levels. ICAF is already demonstrating its potential as a driver for sector growth. ICAF was launched in March 2024. As of September 30, 2024, the fund has successfully supported 21 bids for international conventions taking place from 2025 to 2030. These 21 events are expected to attract over 51,000 overnight delegates to Canada, generate $122.2 million in direct economic impact, $8.5 million in federal tax revenue, and support the equivalent of 1,039 full-time jobs.  

That is $7.4 million committed through ICAF. So, every $1 million invested by Destination Canada in ICAF-won events would result in $16.4M in direct economic impact, $1.1M in federal tax revenue, support 140 FTEs, and attract close to 7,000 overnight visiting delegates.  

The data is clear: ICAF is expected to generate a significant boost to Canada’s economy by creating jobs and increasing federal tax revenue. This impressive performance underscores the program's value in enhancing the country's tourism sector and supporting local communities.  

In light of such significant economic and community contributions, TIAC is encouraging the Government of Canada to extend the International Convention Attraction Fund (ICAF) with an extra $33-million investment over two years.  

The implications and benefits of this program are far reaching. TTAA successful ICAF program will contribute to several broader objectives that align with national economic and cultural priorities.  

Strengthening Canada’s Global Competitiveness: Extending ICAF funding will allow Canada to continue competing with other major international destinations for high-value conventions and business events. These events often serve as entry points for future investment and partnerships that can benefit a range of industries.

Supporting Regional Economic Development: By facilitating events across diverse regions, ICAF funding helps to spread the economic benefits beyond major cities. This approach supports regional tourism growth and diversifies economic opportunities for smaller communities, which can be pivotal for their development and resilience.

Encouraging Private Sector Engagement: ICAF helps generate interest from private sector partners who recognize the value of business events in Canada. This creates opportunities for further investment and collaboration between government and private stakeholders, expanding the overall impact of each event.

Leveraging Business Events for Cultural Exchange: Business events serve as a platform for promoting Canada’s values, expertise, and innovations on a global stage. These gatherings foster cultural exchange and contribute to Canada’s image as an inclusive, innovative, and welcoming country.

The success of ICAF in its inaugural year illustrates the program’s potential to continue driving economic growth, job creation, and cultural exchange. To ensure Canada remains a top destination for international business events, the Government of Canada must capitalize on this momentum. To effectively overcome challenges to sector growth and attract more prominent business events to Canada, the current investments and significant benefits generated by ICAF must be fully leveraged. Extending its funding would allow Canada to fully realize the advantages of this program, benefiting communities nationwide and supporting long-term resilience in the tourism sector.