Overview

• Finance Minister François‑Philippe Champagne confirmed Budget 2025 will be tabled on Nov. 4 and framed it as a generational package focused on housing, infrastructure and defence.
• Prime Minister Mark Carney says the plan will separate operating from capital spending, target a balanced operational budget within three years, and aim for a declining debt burden.
• Interim Parliamentary Budget Officer Jason Jacques told MPs he cannot confirm whether fiscal anchors remain in place and warned unclear definitions make targets hard to assess.
• The PBO has pegged this year’s deficit at about C$46 billion, while some economists estimate a significantly larger shortfall near C$70 billion, with some reports speculating it could approach C$100 billion.
• Champagne argued that borrowing for productivity‑enhancing investments will yield returns to lower future deficits and is courting European partners as Canada seeks to diversify trade in response to U.S. tariff disputes; the Bank of Canada says it will assess the budget’s implications in its upcoming decisions.