Together with Edward Plunkett Taylor and Colonel W. Eric Phillips, he was a founder of the Argus Corporation, an investment company that controlled a variety of businesses, including Massey Ferguson farm machinery and Dominion grocery stores.
McCutcheon sat in the caucus of the Progressive Conservative Party of Canada and represented the senatorial division of Gormley, Ontario.
His promotion was generally regarded as a move to shore up support for the Progressive Conservatives among members of Canada's financial sector.
McCutcheon later supported Dalton Camp's efforts to call a leadership review and remove Diefenbaker as party leader.
He used dozens of attractive young women in his demonstration at the convention (dubbed "blonde goddesses" by the Toronto Star), and advocated a guaranteed annual income of $10,000 per adult as an alternative to the various social programs offered by different levels of government.