Budget 2026: Airports and asset ownership

To prepare Canada’s air transportation system for the future, we are seeking private investment through long-term operating concessions for our four largest airports. Under this model, used successfully in other countries, experienced investors, like Canada’s pension funds, would operate airports for 40 to 50 years while Canada retains ownership of airport lands and assets. Operators would be subject to strong oversight to protect travellers and the interests of Canadians.

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To prepare Canada’s air transportation system for the future, we are seeking private investment through long-term operating concessions for our four largest airports. Under this model, used successfully in other countries, experienced investors, like Canada’s pension funds, would operate airports for 40 to 50 years while Canada retains ownership of airport lands and assets. Operators would be subject to strong oversight to protect travellers and the interests of Canadians.

Budget 2026 - Masters of our Destiny · PDF p. 130

The airport fees included in the price of an airline ticket would be subject to clear rules to protect travellers from unreasonable increases. New investment and expertise will improve airport services and infrastructure—making travel more efficient and expanding travel and tourism options. Canadians will share directly in the success of concessions through equity stakes for the Canada Strong Fund and local Indigenous communities.

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The airport fees included in the price of an airline ticket would be subject to clear rules to protect travellers from unreasonable increases. New investment and expertise will improve airport services and infrastructure—making travel more efficient and expanding travel and tourism options. Canadians will share directly in the success of concessions through equity stakes for the Canada Strong Fund and local Indigenous communities.

Budget 2026 - Masters of our Destiny · PDF p. 130

To launch the first airport operating concession, Budget 2026 proposes to provide $37.6 million over three years, starting in 2026-27, to ensure a strong return for Canadians by completing due diligence, developing the concession framework, obtaining specialised commercial and legal advice, and completing a competitive process to select the operator by early 2029. Budget 2026 also proposes to introduce legislation necessary to implement and establish the operating concessions.

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To launch the first airport operating concession, Budget 2026 proposes to provide $37.6 million over three years, starting in 2026-27, to ensure a strong return for Canadians by completing due diligence, developing the concession framework, obtaining specialised commercial and legal advice, and completing a competitive process to select the operator by early 2029. Budget 2026 also proposes to introduce legislation necessary to implement and establish the operating concessions.

Budget 2026 - Masters of our Destiny · PDF p. 131

Fiscal proceeds from the new model will be reinvested to benefit Canadians. They will support improvements across the air transportation system (e.g., regional airports, air connections between communities, and local transportation infrastructure) while helping build the infrastructure Canada needs.

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Fiscal proceeds from the new model will be reinvested to benefit Canadians. They will support improvements across the air transportation system (e.g., regional airports, air connections between communities, and local transportation infrastructure) while helping build the infrastructure Canada needs.

Budget 2026 - Masters of our Destiny · PDF p. 131

Adjust the ground rent formula to support growth at airports that will continue to operate under the existing model. o Introduce legislation to improve transparency around airport fees, strengthen performance reporting and governance, and support economic development and accessibility. o Expand eligibility for the Airports Capital Assistance Program to include smaller airports in the National Airports System.

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Adjust the ground rent formula to support growth at airports that will continue to operate under the existing model. o Introduce legislation to improve transparency around airport fees, strengthen performance reporting and governance, and support economic development and accessibility. o Expand eligibility for the Airports Capital Assistance Program to include smaller airports in the National Airports System.

Budget 2026 - Masters of our Destiny · PDF p. 132

Intends to explore opportunities to divest certain federal commercial assets to unlock capital that can be reinvested in other priority projects. This initiative will begin by identifying assets with commercial value that are not core to the government’s responsibilities and then developing alternative options for the ownership of those assets.

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Intends to explore opportunities to divest certain federal commercial assets to unlock capital that can be reinvested in other priority projects. This initiative will begin by identifying assets with commercial value that are not core to the government’s responsibilities and then developing alternative options for the ownership of those assets.

Budget 2026 - Masters of our Destiny · PDF p. 325

Continues to advance options to commercialise the Canadian Photonics Fabrication Centre, currently operating under the National Research Council of Canada.

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Continues to advance options to commercialise the Canadian Photonics Fabrication Centre, currently operating under the National Research Council of Canada.

Budget 2026 - Masters of our Destiny · PDF p. 325