Carney government to unveil 2026 federal budget on Nov. 5

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OTTAWA — Canada’s getting its new budget on Nov. 5.

Finance Minister François-Philippe Champagne confirmed the date Tuesday afternoon in the House of Commons, announcing that the next chapter in the Mark Carney government’s fiscal plan will drop early next month.

“Canada has what the world wants,” Champagne said during Question Period, in response to a friendly query from newly elected Beaches-East York Liberal MP Tanveer Shahnawaz.

“On Nov. 5, I will be tabling this year’s budget, which will align the next steps in our plan to build a stronger, more resilient and more affordable Canada.”

Champagne said the upcoming budget will “unlock investment, create high-paying jobs” across the country and strengthen Canada’s economy over the long term.

“Mr. Speaker, on Nov. 5th I will present a plan to build Canada Strong,” he said before switching to French.

Second budget of Carney’s mandate

Tuesday’s announcement means this year’s budget will arrive nearly a year after Champagne tabled Budget 2025 on Nov. 4.

Billed as “Canada Strong,” that budget forecast a $78.3-billion deficit for 2025-26 — nearly double the $42.2-billion deficit projected in the Trudeau government’s last fiscal update in December 2024.

While the federal government normally tabled budgets in the spring, last year’s budget heralded a permanent restructuring of the federal government’s annual fiscal cycle, with budgets now arriving in the fall.

That change also shifts the government’s customary fall economic statements to the spring.

The new schedule allows fiscal planning to be based directly on audited public accounts from the previous fiscal year, rather than partial financial information.

Fall budgets also allow major spending plans to be easily integrated into the Main Estimates — the government’s formal spending requests to Parliament — before the start of the fiscal year.

The Public Accounts of Canada — the government’s annual financial reports outlining revenues, expenditures, assets and liabilities — must be tabled in the House of Commons by Dec. 31 following the end of the fiscal year.

bpassifiume@postmedia.com
X: @bryanpassifiume

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