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3w ago

Ottawa Sets Nov. 4 Date for Carney Government’s First Budget

Officials promise operating restraint paired with investment, warning of a larger short‑term deficit linked to U.S. tariffs.

Minister of Finance Francois-Philippe Champagne rises during Question Period on Parliament Hill in Ottawa on Sept. 15, 2025.
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Overview

  • Finance Minister François‑Philippe Champagne confirmed in Parliament and via a government notice that Budget 2025 will be tabled on Nov. 4.
  • The government shifted from an earlier signal of an October presentation after delaying a spring budget to conduct consultations and spending reviews.
  • Prime Minister Mark Carney has said the budget will show a larger deficit than last year, citing the trade and tariff dispute with the United States as a key driver.
  • Ottawa is pledging cuts to day‑to‑day operations alongside increased capital outlays for housing, infrastructure and defence, with a push to meet new NATO targets.
  • Deficit expectations vary, with the Parliamentary Budget Officer estimating about C$46 billion and some private economists projecting closer to C$70 billion, and ministers have not ruled out public‑service job reductions to lower operating costs.