Ottawa/CMEDIA: Canada PM Mark Carney is reportedly set to unveil his first federal budget today, and the first summary of Carney’s agenda since the party released its spring election platform.
While delivering the new Liberal government’s first budget, Finance Minister François-Philippe Champagne said Tuesday that the budget will spur growth and help the country weather the tariff-related economic storm and will have “something for every Canadian.”
Today’s budget is expected to include a $50-billion local infrastructure fund for items such as housing and transportation, and will also earmark up to $1 billion to bring in skilled talent from abroad, including the U.S.
This budget would also include more money for the military, as Canada catches up after years of underinvestment in the housing stock and the Armed Forces.
Carney, a former central banker, uniquely interested in financial matters has personally promised to present a pro-growth budget that will usher Canada into a “new era” and “define our next century.”
“We have the resources to transform our economy from one of reliance to resilience,” Carney told reporters Saturday.
Carney said the upcoming budget will prioritize a ‘Buy Canadian policy’ in key sectors like housing, infrastructure and defence equipment. In his speech Wednesday, Carney said Canadians can expect local steel, aluminum, lumber, manufactured goods, and technology to be used in future projects.
Carney has also said the budget will be divided differently than past years with capital and operational spending reported separately.
Making Canadians proud, the budget will be both affordable in bringing down taxes, as well create opportunities for young people, Government House leader Steven MacKinnon told the House of Commons on Monday.
While shifting trade away from the US under President Donald Trump, the federal government has said that the Carney government’s first budget is built around boosting investment in Canada.
Being a confidence vote, a vote on the budget bill is three votes short of a majority, and support of some opposition MPs is needed by the federal government.
Conservative Leader Pierre said at a press conference in an Ottawa suburb on Sunday that his caucus would be willing to support an “affordable” budget.
Poilievre also called on the government to eliminate the industrial carbon tax and the capital gains tax and cut taxes on energy and homebuilding.
Both the Conservatives and Bloc Québécois have made a series of demands that aren’t expected to be met in exchange for their votes.
Being aware of the fact that if the government loses a budget vote, Canadians could be headed for an election before Christmas, Carney said he is willing to do so if the Opposition demands it and added, “I am 100 per cent confident that this budget is the right budget for this country at this moment.”
