The Canadian Olympic Committee outlined its vision for the future of Team Canada on Wednesday, announcing more than $132 million in funding for high performance sport in the country.

COC Chief Executive Officer Chris Overholt said that the COC will invest $37 million over the next four years into the Canadian sport community through Own the Podium. The COC will also commit $16 million – which will be matched by the federal government – in new funding in an effort to develop new Olympians, $5 million into a new Coaching Enhancement Program, $1 million to help athletes transition into the workforce after they retire and $2 million for the Canadian Olympic and Paralympic Sport Institute Network.

"While we have made great progress, the road ahead requires us to keep raising our game, so that our athletes can continue to raise their own," Overholt said in a statement. "Status quo is never going to be enough to maintain our competitive standing in the world. 

"Costs are going up, and we need to be constantly re-evaluating how we are supporting high performance sport in Canada. We must find ways to deliver more. For our athletes and by extension for our country."

Canada's Olympic athletes won 22 medals at the Rio Olympic Games this past summer, including four gold, three silver and 15 bronze.

The 2018 Winter Olympic Games will be held in PyeongChang, South Korea, while the next summer Olympic Games will be held in Tokyo, Japan, in 2020.