OTTAWA — The federal government is set to unveil its budget today — the Liberals’ first fiscal update in almost a year and the first summary of Prime Minister Mark Carney’s agenda since the party released its spring election platform.
Government House leader Steven MacKinnon told the House of Commons on Monday the budget will be affordable and will make Canadians proud by bringing down taxes and creating opportunities for young people.
Finance Minister François-Philippe Champagne said the budget will offer “generational investments” and will have “something for every Canadian.”
The government has said the budget is built around boosting investment in Canada and shifting trade away from an increasingly protectionist United States under President Donald Trump.
“We’re going to be OK as a country,” Champagne said today after a cabinet meeting.
“I know there’s a lot of uncertainty, there’s a lot of concerns in families, on the shop floor, in the fields. But I would say tonight people will go to bed and say, ‘We’re going to be OK.'”
Champagne said Canada has a strong foundation, and the budget will take the country forward. “It’s a pivotal moment, and I think Canadians are ready for that.”
Votes on budget motions will be a matter of confidence in the government. The Liberal caucus is three votes shy of a majority, meaning the government will need some opposition MPs to either support the budget or abstain from voting to avoid the possibility of a general election.
Conservative Leader Pierre Poilievre said on Sunday his caucus would be willing to support an “affordable” budget. He called on the government to eliminate the industrial carbon tax and the capital gains tax, and to cut taxes on energy and homebuilding.
Liberal MP Mark Gerretsen, the chief government whip, said Liberals hope the opposition will reflect on the budget that’s presented today and vote in favour of it.
“I think that’s what Canadians want,” he said before the cabinet meeting. “Canadians don’t want an election right now.”
This report by The Canadian Press was first published Nov. 4, 2025.
The Canadian Press
