Finance Minister Francois-Philippe Champagne rises during Question Period on Parliament Hill in Ottawa on Sept. 15.Adrian Wyld/The Canadian Press
Finance Minister François-Philippe Champagne says the federal government will table a budget on Nov. 4, offering Canadians the first glimpse into the state of public finances since nearly a year ago.
Mr. Champagne, who previously suggested the budget would be presented in October, announced the date on X and later told reporters that the spending plan would be a “generational investment in Canada.”
“At a time where our largest trading partner neighbour is turning its back on Canada, we have to make significant investments to protect our workers, protect our industries,” Mr. Champagne said, adding that the government needs to make sure Canada is resilient in what he called a new world economic order.
Prime Minister Mark Carney has suggested that the upcoming budget would be one of austerity and investment. The federal government has pledged to make spending cuts to its day-to-day operations while increasing spending on things like defence, infrastructure and housing.
Mr. Carney’s government was initially not planning to table a budget this year but changed its plans after facing significant backlash.
The budget date announcement was made on the same day Chrystia Freeland announced her resignation from cabinet. Ms. Freeland previously served as finance minister in former prime minister Justin Trudeau’s government, and delivered a surprise resignation on the day of the fall economic statement last December.
“She’s resigning before the budget …..again. The deficit must be huge!” Conservative MP Chris Warkentin said in a post on X.
Mr. Carney acknowledged on Sunday that the budget will show a larger deficit than last year, given the new spending and tax cut commitments the government has made.
“Let’s look at what’s driving that. First and foremost, it’s the tariff war, the shock that’s created by that,” Mr. Carney told reporters. “Secondly, you have the response of Canada to that, which is very clear, we want to protect our industries and workers in the most effective sectors.”
The parliamentary budget officer has forecasted the federal deficit for the 2024-25 will come in at $46-billion.
However, the federal government is planning to present the budgetary balance differently this year.
Mr. Carney promised during the federal election to separate the government’s operating and capital expenditures. The new accounting method is part of the government’s pledge to balance its operating budget while running deficits on capital expenditures.
Mr. Champagne said on Tuesday that this distinction will be “very clear” in the budget.
“We’re going to be presenting to Canadians what we call the operational spend and the capital investment. And to make it simple, Canadians understand when you buy house you invest, when you go to the grocery you spend,” he said.
With a report from Stephanie Levitz