Canada’s newest artificial intelligence (AI) investor isn’t a Silicon Valley venture fund. It’s you.
On Oct. 29, 2026, Prime Minister Mark Carney announced the federal government will take an equity stake of up to $1.6 billion in Toronto-founded AI company Cohere. He pitched the deal as a way for every Canadian to share in the company’s success.
Not everyone is cheering, however. In September, a national poll found three in five Canadians consider AI a threat to humanity. So when Ottawa commits tax dollars to a technology many of us distrust, it’s worth knowing how much of your money is already tied to AI — whether through your taxes and, indirectly, your pension — and how to protect it from the scams that tend to capitalize on headlines like these.
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What exactly is Ottawa buying for $1.6 billion?
Cohere builds AI systems for businesses and governments that want tighter control over where their data is stored and who can access it. According to a news release from the Prime Minister’s Office (PMO), the federal money will flow in stages, instead of a lumpsum, and is tied to regular progress reports.
In return, Cohere has committed to create at least 1,000 technical jobs nationwide and spend at least $1.7 billion on Canadian computing infrastructure by 2030. It must also keep its headquarters and incorporation within Canada.
Ottawa’s money is part of a funding round targeting up to $7 billion that would value Cohere at $35.7 billion. And the federal government has backed the company before. In March 2025, it finalized up to $240 million toward a $725 million Cohere project to expand computing capacity in Canada. That money was earmarked for one project, but with its latest commitment, Ottawa is now taking an ownership stake in the company itself.
One detail the PMO release doesn’t include: what percentage of the company taxpayers will own.
How worried are Canadians about AI?
The unease around AI is growing. Research Co., a Vancouver-based public opinion firm, found 60% of Canadians think AI is a threat to humanity, which is up 10 points from 2025. Only 31% see it as an opportunity, while 18% would rather AI development be abandoned altogether.
