The Committee Membership 4

Order of Reference – November 20, 2025 6

Order of Reference – June 9, 2026 7

Executive Summary 9

Committee Recommendations 13

Key Observations 20

Committee Findings 24

  Driving Alignment among Government Programs 24

  Taking Action to Support the Canadian Ownership, Retention, and Commercialization of Intellectual Property 27

  Enhancing Tax Competitiveness and Supporting SME Growth through Changes to Tax Policy 30

  Enabling and Encouraging Lending to SMEs 35

  Mobilizing Capital Towards SME Scale-up and Growth 39

  Introducing Public Market Reforms 43

  Addressing Community Disparities and Supporting Underrepresented Entrepreneurs 51

Conclusion 57

Appendix A – Witnesses and Briefs 58