Ottawa: Prime Minister Mark Carney’s second federal budget will be presented on Thursday. Minister of Finance and National Revenue François-Philippe Champagne will submit the budget to Parliament on Thursday afternoon. In his first 20 months as Prime Minister, Carney has prioritized economic growth reforms. Finance Minister François-Philippe Champagne stated that the budget will outline detailed plans to further accelerate economic progress.
“We need to invest in our growth, our businesses, and our national sovereignty. This budget will demonstrate how Canada will shape its own future,” Champagne told reporters ahead of the presentation, following the traditional shoe-buying photo op.
The Bank of Canada and the International Monetary Fund (IMF) project Canada’s GDP growth to reach approximately two percent next year. Strong inflows of foreign investment and tax relief measures for businesses have helped reinforce the country’s economic foundation. The budget is also expected to outline further details regarding the “Canada Growth Fund,” which enables individual investors to participate in major industrial projects.
Meanwhile, the government acknowledges that the rising cost of living continues to place a significant burden on Canadians, signaling a need for urgent measures. Figures from last September indicate that while wages rose by 2.3 percent, consumer price inflation climbed to 3 percent, posing a challenge for household finances. Additionally, to help control housing costs, the government previously moved to reduce temporary resident numbers. The budget will also announce official immigration targets for the upcoming two years.
