What to know about PM Mark Carney’s first federal budget

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, aiming to reduce it to about $23 billion by the end of the 2029-30 fiscal year.

Carney's government has indicated it may not follow this path, as it seeks to reduce reliance on Canada's neighbors, particularly amid a trade war with the United States.

Carney has promised that his first budget will be bold, ambitious, and “meet this moment”

This budget will also serve as a confidence vote in the minority Liberal government.

Author's summary: PM Mark Carney's budget promises bold changes.

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Sudbury.com Sudbury.com — 2025-11-04

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