Ottawa/CMEDIA: The upcoming federal budget, reportedly the first under Prime Minister Mark Carney, Finance Minister Francois-Philippe Champagne says would be tabled in October.
Champagne described the budget as an “ambitious plan to Canadians” amid U.S. tariffs and global economic uncertainty.
“This is rethinking Canada’s fit for the 21st century, at a time where our neighbour and friend decides to have a very different trade policy… That is a moment for us to do more for ourselves ” Champagne reportedly said
Having launched consultations by Champagne for the budget in July that will run until the end of August.
The upcoming federal budget also comes at a time when Carney has faced questions over how he will reach his election promise to balance operational spending by 2028.
Having repeatedly pledged to ‘spend less, invest more’ , Carney’s recent spending pledges include an additional $9.3 billion for defence this fiscal year to hit NATO’s two percent of GDP target.
Letters to cabinet ministers were issued In July by Champagne, along with Treasury Board President Shafqat Ali asking them to present plans by the end of August to find day-to-day operational savings.
Ministers need to find 7.5 percent savings for the 2026-27 fiscal year, which begins next April 1, followed by 10 percent in 2027-28 and 15 percent in 2028-29.
The spending review with an aim to find $25 billion in savings over three years – has prompted public service unions to voice concerns over potential job cuts.
But the federal government has maintained it intends to reduce the size of the public service through attrition. During the federal election campaign, Carney also promised to cap and not cut the public service.
Speaking to reporters on Parliament Hill on Friday, Conservative Leader Pierre Poilievre criticized Carney and his spending commitments.
“Spending is up eight per cent under Mr. Carney, and it looks like the deficit will be twice the one that Trudeau left behind. Though we don’t know, because Mr. Carney, the genius banker, still hasn’t introduced a budget,” Poilievre said, adding that the prime minister is “spending more and investing less.”
Federal budgets are typically presented in the spring.
Since the fall economic statement that was tabled last December, this fall’s budget will be the first updated picture of Canada’s finances.
