Key Points About PM Mark Carney's First Federal Budget
Prime Minister Mark Carney's first federal budget is expected to be bold and ambitious, potentially coming with significant costs.
The last update on Ottawa's finances was in the fall economic statement of December 2024, which projected a $48.3 billion deficit for 2024-25.
At that time, the goal was to reduce the deficit to about $23 billion by the end of the 2029-30 fiscal year, but Carney's government may not follow this path.
Carney has promised that his budget will "meet this moment",
as his government aims to reduce reliance on Canada's neighbors to the south amidst a trade war with the United States.
This budget will also likely serve as a confidence vote in the minority Liberal government.
Author's summary: PM Mark Carney's first budget promises bold changes.