After weeks of hints and high expectations, Prime Minister Mark Carney and Finance Minister François-Philippe Champagne will table their first federal budget on Tuesday.
Carney, a former central banker known for his fiscal pragmatism, is promising to “build big while cutting waste.” His first budget will aim to reset Canada’s economic course amid a trade war with the United States.
A spending plan that the government is calling both “generational” and “disciplined.”
“It’s not that we’re going to be spending less,” says Glenn Morgan, a liberal studies professor at Fanshawe College. “This deficit is still going to be significant. It’s really about where we’re doing our spending. There will be cuts in some areas, but also increases in others.”
“This budget looks to be far more about health investment, infrastructure, and defence, areas that can, in some cases, increase revenue down the line,” Morgan said.
Government sources indicate that the 2025 budget will include a comprehensive restructuring of the federal tax system to promote competition and attract private investment.
Prime Minister Mark Carney and Minister of Finance and National Revenue François-Philippe Champagne are set to introduce the federal budget on Tuesday. (Justin Tang/The Canadian Press)
