Jun 3, 2026
Ontario Premier Doug Ford announced that expanding Billy Bishop Airport could create over 20,000 construction jobs, grow the airport’s annual GDP contribution from $900 million to $8.5 billion by 2050 and help meet growing transportation demand in the Toronto region.
But as the province moves forward with legislation that would give it greater control over the airport, another question is drawing attention: Who stands to benefit financially from the expansion?
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The passenger terminal at Billy Bishop Toronto City Airport is owned by Nieuport Aviation, which, in turn, is owned through the Infrastructure Investments Fund, a group of institutional investors advised by J.P. Morgan Asset Management, according to Nieuport Aviation itself. J.P. Morgan, the largest bank in the United States, reported global assets and operations of US$3.9 trillion as of its most recent annual filing.
For Canadians trying to follow the money, the involvement of investors linked to the largest U.S. bank adds another layer to the debate.
What the bill would change
The Building Billy Bishop Airport Act would allow the Ontario government to assume the City of Toronto’s role in the airport’s governing agreement, including the acquisition of the city’s ownership interest in airport lands at “fair market value.”
Today, the airport operates under a shared ownership structure. The City of Toronto owns roughly 20% of the land, while the remainder is controlled by the Toronto Port Authority (TPA), as well as the federal government.
If the legislation passes, the province would effectively replace the city as a key decision-maker and gain greater influence over future development plans.
One of the most significant proposed changes would be to remove the restrictions that currently limit Billy Bishop to smaller, quieter aircraft. Ford’s government wants to allow jet operations at the airport, a proposal that has already sparked concerns about noise, environmental impacts and potential conflicts with nearby housing developments planned along Toronto’s waterfront.
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The terminal ownership question
Nieuport Aviation has operated the passenger terminal at Billy Bishop since 2015, when it purchased it from Porter Airlines. By 2019, institutional investors advised by J.P. Morgan Asset Management had taken full ownership of the company.
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The connection to J.P. Morgan extends beyond investment management. A former J.P. Morgan banker sits on Nieuport Aviation’s board of directors, and a 2023 J.P. Morgan document lists Nieuport Aviation among its portfolio and operating companies.
In a separate regulatory proceeding conducted south of the border, the U.S. Federal Energy Regulatory Commission determined that a J.P. Morgan subsidiary was affiliated with the Infrastructure Investments Fund. According to reporting by Public Citizen, a U.S.-based consumer advocacy organization, the commission concluded that the relationship “undermines any potential for independence between the two entities” and specifically identified the airport as affiliated with J.P. Morgan.
Furthermore, on May 6, Ontario Green Party Leader Mike Schreiner raised the ownership question directly in the Legislative Assembly.
“It just feels like the government is pushing hard to expand Billy Bishop Airport to bail out American bankers at the expense of what people love about Billy Bishop Airport, the Toronto waterfront, and all the housing that can be built.”
Schreiner continued:
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“There are so many negative results of doing this. You sort of ask yourself, well, what are the positives? And all I could really find was that, you know, this company controlled by J.P. Morgan, is going to cash in, and the rest of us are going to pay the price for it.”
The lobbying effort
Lobbying records show Nieuport Aviation has been actively engaging with both provincial and federal governments as discussions around airport expansion continue.
According to Ontario’s Lobbying Registry, Nieuport Aviation has retained lobbyists to communicate with the Ford government. One of those lobbyists is Mark Lawson of Anthem Advisory, a former Progressive Conservative staff member who held several chief of staff positions. He also served as vice-president of communications and external relations at Therme Canada, the company behind the controversial Ontario Place spa project.
What this means for Torontonians
The economic projections attached to the Ford government’s plan are significant. If the province’s estimates prove accurate, the expansion could generate thousands of jobs and billions of dollars in economic activity.
But large infrastructure projects are rarely just about economic growth. They also raise questions about who benefits, who bears the risks and how public assets are managed. In this case, the terminal operator that would profit from passenger traffic increase is owned through a Cayman Islands-registered investment fund advised by the world’s largest U.S. bank. On its own, it doesn’t make the expansion a bad idea, but it does mean Canadians may want a clearer understanding of where the financial benefits would ultimately flow.
For Toronto residents, there are also more immediate considerations. The city would lose its ownership stake in airport lands, jet operations could change noise and air-quality conditions along the waterfront, while nearby housing developments may face new flight-path constraints.
Those are issues that could directly affect local communities. If you’re trying to understand how the proposal could affect you, here are a few practical steps you can take:
- Contact your Ontario MPP and ask how the province plans to ensure the benefits of any airport expansion are shared broadly, not concentrated among private investors.
- Review the Building Billy Bishop Airport Act to better understand what powers and land rights would transfer from the City of Toronto to the province.
- If you live near the waterfront or proposed housing developments, follow updates from the City of Toronto regarding flight-path studies and impact assessments.
- Search Ontario’s Lobbying Registry to review lobbying activity connected to Nieuport Aviation and related organizations.
- Watch for the federal government’s response. Because the Toronto Port Authority is a federal agency, Ottawa’s position will likely play a major role in determining whether the expansion ultimately moves forward.
The debate over Billy Bishop Airport is about more than just planes, jobs, or economic growth. It’s also about ownership, accountability and whether the promised public benefits align with the interests of the firms that stand to gain from the project.
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Colin Graves is a Winnipeg-based financial writer and editor whose work has been featured in publications such as Time, MoneySense, MapleMoney, Retire Happy, The College Investor, and more. Before becoming a full-time writer, Colin was a bank manager for over 15 years.
