Canada's federal budget today to turn 'uncertainty to prosperity,' finance minister promises
OTTAWA — The first budget under Prime Minister Mark Carney will be tabled by the Liberal government today. And officials promise it will be focused on diversifying trade from the U.S. and boosting investment in Canada.
“It’s an investment budget. It’s a generational shift. This is going to be a great moment for the nation,” said Finance Minister Francois-Philippe Champagne Monday. Champagne attempted to illustrate the new direction by making his own shoes for budget day (with professional help) at a family-owned business in Ste. Tite, Que., a twist on the tradition of finance ministers buying new shoes before budget day.
The financial plan is the culmination of many months of Carney and Champagne vowing to “spend less” to “invest more” to help Canada move away from its largest trading partner, amid the trade dispute with U.S. President Donald Trump.
“We’re moving from reliance to resilience, from uncertainty to prosperity. We’re going to do the kind of things that will make this country stronger,” said Champagne.
On the spending side, the government has telegraphed that there will be billions more dollars for defence, housing and major projects, as well as measures to boost Canada’s lagging productivity and competitiveness.
But there are plans for spending cuts elsewhere in the public service. This summer, Champagne asked most departments to start looking for 15 per cent in spending reductions over three years . National Post has confirmed that there will be a plan for civil service layoffs as well as job reallocations . Several other non-permanent programs are expected to see their funding “sunset,” rather than be renewed. Still others will be cancelled, such as the plan by former prime minister Justin Trudeau to plant two billion trees by 2031 , which sources on Monday confirmed was being chopped.
Champagne is expected to table his budget in the House of Commons shortly after 4 p.m. in Ottawa.
It remains to be seen which opposition party, if any, will support the budget, which could be up for a confidence vote as early as mid-November. The Liberals, with a minority of members, will require a few rival MPs to vote with them, or to abstain, in order to avoid having their government fall, triggering an election.
National Post calevesque@postmedia.com
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