Business leaders, ex-bank heads throw support behind Poilievre with open letter

The Bay Street financial district of Toronto is shown on Sunday Sept. 8, 2024.

A number of prominent business leaders formally threw their support behind Pierre Poilievre in the upcoming federal election on Saturday, arguing his Conservative Party will best handle Canada’s slowing economic growth.

The group of more than 30 current and past executives includes Fairfax Financial CEO Prem Watsa, Canaccord Genuity CEO Dan Daviau, former RBC Capital Markets CEO Anthony Fell and former Scotiabank CEO Brian Porter.

They published an open letter in several Canadian newspapers on Saturday saying Poilievre’s plans are best to get the country’s economy “back on track.”

“Productivity has stalled. Economic growth has slowed. Our GDP per capita is shrinking,” the letter reads.

“Nevertheless, this decline is not inevitable -- and it’s not the Canada we know and love.”

To turn things around, the letter said Canada needs to eliminate barriers to productivity by streamlining permit processes and cutting outdated regulations that prevent investment and job creation.

It also said the government needs to be more disciplined with its spending, impose lower taxes to make Canada more competitive and develop the country’s natural resources by building pipelines, expanding mining and investing in energy.

The letter, which was also signed by former RioCan Real Estate Investment Trust founder Edward Sonshine, Mattamy Homes CEO Peter Gilgan and past Toronto Blue Jays president Paul Godfrey, is one of the strongest shows of support Poilievre has seen from the business community yet.

His competitor, Liberal Mark Carney, has spent much of the election campaign, which concludes on April 28 when Canadians go to the polls, touting his experience as leader of the central banks in both Canada and England.

He argues that experience leaves him best equipped to address the country’s economic woes and tariff threats from U.S. President Donald Trump.

The Liberals did not immediately respond to request for comment on the letter.

The Conservatives, however, took the missive as a sign that their platform is resonating with the business community.

“Pierre Poilievre’s Canada First Economic Action Plan is being recognized as a strong plan to lower taxes and eliminate red tape to unleash our industries and bring home powerful paycheques for our people and a thriving economy,” Conservative spokesman Sam Lilly said in a statement.

Poilievre revealed earlier this week that his plan is designed to cut bureaucratic red tape by 25 per cent in two years through a “two-for-one” law. The law would see two regulations be repealed for every new one that’s enacted and require that every dollar spent on new administrative costs trigger the cutting of two dollars in other areas.

Meanwhile, Carney has said he will boost interprovincial trade by removing all exemptions under the Canadian Free Trade Agreement, develop a new fund to help link natural resource extraction sites with rail lines and roads and create new programs geared toward training workers.

NDP Leader Jagmeet Singh said it was “no surprise” some business leaders are backing Poilievre and Carney because they’re giving a tax break to the ultra-wealthy," rather than focusing on “what people actually need--health care, housing, and support when they lose a job.”

“Canadians are working hard but falling behind,” Singh said in a statement. “Wages aren’t keeping up, housing is out of reach, and public services are stretched. The economy isn’t working for most people.”

This report by The Canadian Press was first published April 12, 2025.