Destination Canada announced the International Convention Attraction Fund (ICAF), a new initiative aimed at enhancing Canada’s role as a leading destination for international conventions and business events.
Supported by a $50 million investment from the 2023 Federal Budget, this program aligns with the Federal Tourism Growth Strategy’s objective to advance Canada’s tourism industry.
Revealed by the Honourable Soraya Martinez Ferrada, Minister of Tourism, and Destination Canada’s CEO, Marsha Walden, the ICAF promises to inject over $170 million into the Canadian economy by aiding Canadian destinations in securing major international events.
This move is expected to leverage Canada’s hospitality, extend the tourism season, and showcase its capabilities as a world-class event host.
The fund will provide up to $1 million CAD in financial support for successful bids, aiming to generate a return of $3.5 for every dollar invested, thereby contributing significantly to Canada’s economic and tourism growth.
“We see 2024 as Canada’s year of competitiveness for business events,” said Destination Canada CEO, Marsha Walden. “This is what it takes to compete for the world’s major business events, and win. Business events have immediate benefits for the Canadian economy and the tourism sector today as well as long-term ‘beyond- tourism’ benefits in attracting foreign direct investment, innovative businesses, and new talent in high-growth sectors that are critical to Canada’s future economy.”