Liberals set to deliver highly anticipated federal budget today

OTTAWA — The federal government is set to unveil its budget today — the Liberals’ first fiscal update in almost a year and the first summary of Prime Minister Mark Carney’s agenda since the party released its spring election platform.

Government House leader Steven MacKinnon told the House of Commons on Monday the budget will be affordable and will make Canadians proud by bringing down taxes and creating opportunities for young people.

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Finance Minister François-Philippe Champagne said the budget will offer “generational investments” and will have “something for every Canadian.”

The government has said the Carney government’s first budget is built around boosting investment in Canada and shifting trade away from an increasingly protectionist U.S. under President Donald Trump.

Because the vote on the budget bill is a confidence vote, and because Carney’s caucus is three votes shy of a majority, the federal government will need some opposition MPs to either support the budget or abstain from the vote to avoid an early election.

At a press conference in an Ottawa suburb on Sunday, Conservative Leader Pierre Poilievre said his caucus would be willing to support an “affordable” budget and called on the government to eliminate the industrial carbon tax and the capital gains tax and cut taxes on energy and homebuilding.

This report by The Canadian Press was first published Nov. 4, 2025.

The Canadian Press