Prime Minister Mark Carney announced the creation of Canada's first sovereign wealth fund while speaking to reporters in Ottawa on Monday morning ahead of his government's spring fiscal update on Tuesday.

A sovereign wealth fund is essentially a state-owned investment fund that can be used to invest in major projects or opportunities both at home and abroad. Carney told reporters that the new 'Canada Strong Fund' will “invest alongside the private sector in nation-building projects."

“This will be a Government of Canada fund, but more importantly, it will be a people’s fund,” he added. “It will be your fund.”

Further describing the fund as "essentially a national savings and investment account," the prime minister also claimed that Canadians with a "bit of extra money" will easily be able to invest in the new fund once it's up and running. "If you have a bit of extra money, we'll make it easy for you to invest in the fund to help build Canada strong for all," he said.

Introducing the Canada Strong Fund.

Find out more: https://t.co/VzLd3zqhW3 pic.twitter.com/LbdK87vv2f

— Mark Carney (@MarkJCarney) April 27, 2026

Similar sovereign wealth funds are currently being used around the world by governments in countries such as Saudi Arabia, Australia, and China.

A press release from the prime minister's office elaborated on the fund: "Through an initial federal contribution of $25 billion, the Fund will strategically invest, alongside the private sector, in Canadian projects and companies driving our economic transformation. This includes projects in clean and conventional energy, critical minerals, agriculture, and infrastructure."

Critics of the announcement, including Conservative MP Michelle Rempel Garner, condemned the fund over Canada's precarious financial situation.

To be fair, this headline is wrong.

It would be a "debt fund" not a "wealth fund".

True sovereign wealth funds like Norway's are built from surpluses. Canada is running massive deficits.

This is akin to a man who's in debt borrowing hundreds of thousands to buy stocks. https://t.co/WydXI5BmVd

— Michelle Rempel Garner (@MichelleRempel) April 27, 2026

Carney did not provide further details on the source of the initial $25 billion endowment for the fund, only hinting that Tuesday's spring fiscal update will provide evidence Canada's economy is back on track.

He also added that it will still take several months to finalize the fund, with it ultimately being managed by an independent Crown corporation that will report directly to Parliament.

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