Canada's federal budget includes billions for sovereignty and tackling homelessness
Summary
Canadian Prime Minister Mark Carney’s second federal budget proposes C$142 billion in new spending over five years, funded in part by higher-than-expected oil revenues. The plan focuses on reducing reliance on the United States, addressing housing and homelessness, and easing living costs, while keeping the government’s existing fiscal goals.Key Facts
- The budget projects a deficit of more than C$50 billion and does not set a path to balance the budget.
- It allocates C$11.2 billion over four years to combat homelessness, including support for housing, mental health care, and addiction treatment.
- The government will increase a grocery benefit, with a family of four estimated to receive C$2,570 within one year.
- The budget’s new spending is supported by better-than-expected oil revenues, which the article links to higher oil prices during the Iran War.
- Canada expects modest GDP growth next year, which the budget says would exceed that of every G7 country except the United States.
- The government has previously set a permanent-resident target of 380,000 people a year through 2028 and plans to reduce temporary resident arrivals to 370,000.
- The article says U.S. President Donald Trump’s tariffs on key Canadian industries have contributed to job losses and weaker business investment.
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