Canada is putting more than $2 million into helping small and mid-sized businesses start using artificial intelligence. John Vennavally-Rao explains the purpose behind this move.
Toronto’s first-ever Tech Week is coming to a close after a high-energy five-day run aimed at putting the city at the forefront of artificial intelligence and global innovation. The week has seen a surge of tech enthusiasts, business leaders, and policymakers exploring the promises and pitfalls of AI as Canada races to stay ahead in the global tech race.
The highlight came on Thursday when Evan Solomon, recently appointed as Canada’s Minister of Artificial Intelligence, announced $2.4 million in new federal funding. This financial boost is designed to help small- and mid-sized businesses across Toronto embrace AI tools through mentorship and training. The money will be directed to the Toronto Region Board of Trade, supporting up to 75 businesses in the area.
“AI is not just a passing trend—it’s transformational,” said Solomon, standing before a crowd of developers and entrepreneurs in downtown Toronto. He compared this moment in technology to the Gutenberg era, the time when the printing press revolutionized how the world communicated.
The federal push is especially focused on companies with fewer than 500 employees, many of which lack the capital or expertise to explore AI on their own. Solomon stressed the urgency of including small businesses in the AI revolution, calling it essential for shaping the economy of tomorrow.
The federal government has given $2.4 million to support small and mid-sized businesses in using AI tools and technologies. (John Petalcurin / Pexels.com)
Although major firms—like Canadian banks—have already seen productivity boosts from AI integration, most smaller enterprises remain unsure about how to take the leap. John Warren of the World Trade Centre Toronto revealed that 69% of companies surveyed haven’t found a clear way to apply AI to their operations.
“ChatGPT alone sees over 200 million daily users,” Warren said. “And that’s just scratching the surface of what AI can do. Business leaders need to stop asking if it matters—and start figuring out how to use it.”
But even as Toronto Tech Week buzzed with innovation, the warnings grew louder.
Federal agencies, including the Canadian Anti-Fraud Centre and the Canadian Centre for Cyber Security, issued an urgent alert. Their message: scammers are already using AI in dangerous ways. From fake voice calls mimicking real government officials to text messages that sound eerily human, fraudsters are finding new ways to trick victims.
One case involved a convincing fake message sent via the encrypted app Signal. It appeared to be from a U.S. official and urged a major money transfer under the pretense of a trade emergency. Business owners and public leaders were among the targets.
Jeffrey Horncastle of the Anti-Fraud Centre warned that AI scams are evolving fast. “It’s getting harder to tell what’s real and what’s fake,” he said. “People need to be cautious and verify everything.”
Spoofed phone numbers, voice cloning, and deepfake videos are expected to become more common tools for criminals. The Centre advises people to stay alert, especially when they receive urgent requests for sensitive details or money. If anything seems suspicious, check it out independently before acting.
Finally, Horncastle urged Canadians to report AI-related scams immediately. “Reporting is key. It helps us track patterns and stop these attacks before they spread.”
