Canada's 2026 federal budget to be tabled Nov 5, finance minister says

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According to Reuters, Finance Minister François-Philippe Champagne announced during question period in the House of Commons on Tuesday (Oct 20) that the federal budget will be tabled on November 5, saying it will "outline the next steps in our plan to build a stronger, more resilient and more affordable Canada." It will be the second federal budget under Prime Minister Mark Carney.

Canada's economy faces strong headwinds from US tariffs. After the collapse of trade talks with the United States in August, the two countries have reignited a tariff dispute, with both sides imposing new duties at the border. Since taking office, Carney has tried to shift federal spending away from the day-to-day operations of government toward an aggressive infrastructure agenda — at the cost of generally higher deficits.

Parliamentary Budget Officer Annette Ryan published an updated economic outlook on Tuesday that casts doubt on Ottawa's ability to meet some of its key fiscal anchors. Ryan warned that new spending announcements since the spring have outpaced the near-term revenue windfall from higher gas prices tied to the war in the Middle East. The PBO now expects a C$63.3-billion deficit in fiscal 2026-27, down from a forecast of C$71.8 billion in its June outlook — but projects deficits will run an average of C$3 billion higher annually over the next five years than it projected in June, peaking at C$70.2 billion the following year.