Overview

• The Bank of Canada confirmed it will align its budget with Ottawa’s directive to secure 15 per cent operational spending savings by fiscal 2028.
• Treasury Board orders most federal departments to achieve 7.5 per cent cuts in fiscal 2026 rising to 15 per cent over three years while Defence, the CBSA and RCMP face a two per cent target.
• Agencies independent of ministers and self-funded bodies are exempt from the regime but most Crown corporations, including the CBC and Via Rail, must comply.
• An internal Bank of Canada email informed staff of the upcoming cost-cutting process and noted that detailed plans for applying reductions will be developed in the coming months.
• Interim NDP leader Don Davies has called on the government to reverse the cuts, warning they will undermine services and public sector jobs ahead of the fall fiscal plan.