A new investigation has revealed that major Canadian financial institutions, including banks and public pension funds, have collectively invested tens of billions of dollars into companies contracted by the U.S. Immigration and Customs Enforcement (ICE), sparking renewed concerns over ethics and accountability.
The report, released by environmental advocacy group Stand.earth, found that Canadian investments, loans and bond financing have contributed approximately US$35 billion to companies providing services and infrastructure to ICE. The analysis was based on financial disclosures from the U.S. Securities and Exchange Commission and private financial data sources.
Among the companies benefiting from Canadian financial backing are major U.S. firms such as Palantir Technologies, General Dynamics, L3Harris Technologies, CACI International and AT&T. Companies involved in detention centre operations, including CoreCivic and GEO Group, also received financial support, though to a lesser extent.
The report highlights that Canadian banks — including TD, RBC, Scotiabank, CIBC and BMO — have collectively provided more than US$23 billion in financing to these companies since 2020. In addition, these institutions, along with Desjardins, have invested nearly US$10 billion through equity holdings.
Public pension funds have also played a significant role. The Canada Pension Plan alone is reported to have invested approximately US$1.6 billion in ICE-linked companies, with additional contributions from funds such as Caisse de dépôt et placement du Québec, BC Investment Management Corporation and Public Sector Pension Investment Board.
Stand.earth officials argue that these investments raise serious ethical concerns, particularly given ICE’s controversial record related to immigration enforcement practices and allegations of human rights violations. The organization is calling for federal hearings and increased transparency regarding how Canadian financial assets are deployed globally.
Political reaction has also emerged, with Jenny Kwan describing the findings as “deeply troubling” and urging a reassessment of ethical frameworks guiding public investments. She emphasized the need for greater accountability to ensure Canadian funds are not indirectly supporting practices that conflict with national values.
In response, the federal government reiterated that pension funds and financial institutions operate independently at arm’s length from government oversight. Officials stated that investment decisions are made by professional boards responsible for managing risk and returns.
The report adds to a growing debate in Canada about the ethical responsibilities of financial institutions and public funds, particularly when investments are linked to controversial international policies and practices. As scrutiny intensifies, calls for greater transparency and stronger ethical guidelines are expected to continue.