Canada’s federal budget date revealed as trade war continues to bite

Finance Minister Francois-Philippe Champagne says the federal budget will be released on Nov. 5 — two days after the U.S. midterm elections.

Champagne announced the date during question period on Tuesday.

The budget will be Prime Minister Mark Carney’s second, who changed the schedule for how federal budgets are released by moving them from spring to fall.

Carney’s second budget date comes after the Parliamentary Budget Officer trimmed the 2026 and 2027 outlook for economic growth.

The PBO now projects gross domestic product growth of 0.9 per cent for this year and 1.5 per cent for 2027, down from 1.1 per cent and 1.6 per cent respectively.

That forecast comes as U.S. tariffs and Canadian counter-tariffs remain in effect and as the Republicans are just two weeks out from the midterm elections scheduled for Nov. 3.

In addition to a lower GDP, the PBO also projected a budgetary deficit of $63.3 billion for the 2026-27 fiscal year, which will peak at $70.2 billion in the following year.

All eyes will be on the government for its upcoming budget, after the U.S. trade war with Canada ramped up after Carney had his negotiators walk away in August from a trade deal that he said would’ve granted the U.S. power to control who Canada could trade with.

U.S. President Donald Trump enacted his previously threatened 50 per cent tariffs on Canadian goods in August, leading to new counter-tariffs issued in retaliation.

—with files from The Canadian Press