Prime Minister Mark Carney and Italian Prime Minister Giorgia Meloni met on the margins of the 2026 G7 Leaders' Summit in Évian, France, to deepen cooperation across critical minerals, energy, defence, and secure supply chains. The leaders highlighted a recent investment of almost $100 million by Italian energy company Eni to procure Canadian graphite from Nouveau Monde Graphite's Matawinie Mine in Québec, where construction recently began. This collaboration builds on Italy's membership in the Critical Minerals Production Alliance, a Canadian Trade Mission to Italy, and a Canadian Critical Minerals Investment Forum held over the last year.

Prime Minister Carney welcomed Italy's intention to collaborate with Canada to stockpile critical minerals. These efforts aim to catalyse further partnerships between the two countries in energy and industry. The leaders also discussed the strengthening of defence and security ties, noting the launch of negotiations for Canada's purchase of M-346 advanced jet trainer aircraft designed and produced by Leonardo, one of Italy's largest aerospace companies.

The proposed aircraft agreement aligns with Canada's Defence Industrial Strategy, utilizing a Build-Partner-Buy approach to build domestic capabilities while partnering with reliable allies. This arrangement will enable the Royal Canadian Air Force to train using state-of-the-art equipment and build sovereign training capability. Prime Minister Carney also underscored Canada's efforts to establish the Defence, Security, and Resilience Bank to provide multi-year, low-cost financing for defence, security, and resilience initiatives.

On geopolitical matters, the prime ministers reaffirmed their enduring support for Ukraine and agreed on the necessity of maintaining pressure on Russia to achieve a just and lasting peace. The discussion also covered the situation in the Middle East. Both leaders agreed to remain in close contact to advance these shared priorities.

Key Cooperation Areas

The Canadian ETF Association (CETFA) has proposed a new investment savings account, the Maple Investment TFSA, designed to match contributions for households earning $90,000 or less to encourage domestic investment. The proposal aims to address the dual challenges of declining household savings and capital flight by offering a government match on funds invested strictly in Canadian companies and funds. Under the plan, the federal government would match every dollar contributed up to $1,000 annually, effectively doubling the investment for eligible participants.

CETFA estimates the matching grant would cost the federal government approximately $2.7 billion a year, representing roughly 0.08% of the size of Canada's economy. The projected cost over 25 years ranges between $69 billion and $77 billion. In return, the association forecasts the program could draw up to $55 billion in new savings into Canadian investments over that period and bring an estimated 13 million more Canadians into a savings account.

Addressing Capital Flight and Savings Gaps

The proposal highlights that Canadians currently hold roughly $300 billion in U.S. domiciled ETFs, capital that could otherwise support domestic businesses and jobs. By channeling savings into the Canadian economy, the Maple Investment TFSA seeks to strengthen local markets. Additionally, the initiative targets the underutilization of existing Tax-Free Savings Accounts (TFSA), as nearly 90% of account holders do not maximize their contribution room and almost half hold their TFSA in cash rather than investments.

Implementation and Eligibility

CETFA suggests the Maple Investment TFSA could be introduced as a new account or integrated into the existing TFSA system. The program is targeted specifically at lower- and middle-income households through the $90,000 income cap. The association is encouraging the federal government to include the proposal in Budget 2026 and recommends a phased or pilot launch to measure impact before a broader rollout.