QuickQuotes: Politicians, business leaders, unions react to 2026 federal budget

OTTAWA — The Liberal government has tabled Budget 2026 featuring tax changes, cultural supports and billions of dollars aimed at stoking investment and economic sovereignty.

The budget includes $142.1 billion in new spending or tax break measures, largely offset by stronger-than-expected federal revenues.

The budget was tabled Thursday in the House of Commons.

Here’s what politicians, unions, business leaders and stakeholders are saying.

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“Masters of our destiny. That’s the key … This is a budget that reflects the priorities of Canadians: affordability, growth and sovereignty, taking control, which is why I focused on what’s happening here in Canada, what we’re doing for ourselves, the partnerships we’re striking abroad and how we’re taking care of each other.

“This is one of the things that really comes through with Canadians. We take care of each other. We look out for each other. You see that manifest in many ways in this budget. The country is strong. We’re going to get stronger and we’re moving forward together.”

— Prime Minister Mark Carney

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“We’re going to create a more prosperous, more independent Canada. This is the essence of being a master of our destiny … If we have the fiscal capacity to grow, we also need to be there to support Canadians.”

— Finance Minister François-Philippe Champagne

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“Carney’s Costly Credit Card budget adds $765 billion in new debt, meaning higher inflation and interest today and higher taxes tomorrow. Canadians will pay more for food, fuel, and homes. Budget should be named Mastered by Debt.”

Conservative Leader Pierre Poilievre

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“Today’s budget is Christmas come early for CEOs, foreign investors and arms dealers. It talks a lot about affordability but does little to actually lower your costs.

“While there is welcome new spending to address the homelessness crisis, the budget doubles down on shovelling more money to the biggest CEOs and investors, with the promise that all of us will be better off for it. This has never worked.

“The ‘Masters of our Destiny’ in Budget 2026 is not you and your family, it’s members of the billionaire class that the Prime Minister invited to his Investment Summit.”

— NDP Leader Avi Lewis

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“Today, Mark Carney had a chance to change course. Instead, he tabled immigration intake numbers that continue to benefit wealthy corporate interests, at the expense of Canadian and newcomer workers alike.

“The Liberals’ plan sets permanent resident admissions at 380,000, and 370,000 new temporary residents in 2026. These are still among the highest levels in Canadian history, after the out-of-control years of 2022 to 2024 left the country no time to recover. Canadians were told to expect a sustainable plan. But based on today’s numbers, what Mr. Carney meant by ‘sustainable’ is sustainable for corporate profit models, not for workers or Canada’s social infrastructure.”

— Conservative MP Michelle Rempel Garner

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“The budget fails to meet the moment — for struggling young people, for Indigenous peoples, for small businesses and in preparing for future climate disasters — all while blowing past previously announced fiscal anchors and guardrails.”

— Green Party Leader Elizabeth May

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“The United Steelworkers welcome federal investments in Canada’s forestry and wood products sector, as well as in the critical minerals industry. These are important steps toward the industrial strategy Canada needs.

“But we cannot build the industries of tomorrow and become masters of our own destiny while allowing the jobs and industrial capacity we have today to disappear. The Stelco layoffs are a stark reminder that investing in future production means little if we don’t protect existing jobs — starting with using the tariff rate quota program to better control American imports.”

— The United Steelworkers union

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“Canada’s business leaders welcome the federal government’s 2026 budget, which reinforces efforts to transform our economy for the long-term through an investment-first economic plan.”

— President and CEO of the Business Council of Canada Goldy Hyder

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“Under the Carney government, the budget is no longer just a tool for political spending, but the primary vehicle shaping capital formation, industrial policy, and economic sovereignty. The government doubled down on a number of initiatives to improve Canadian business competitiveness.

“The real question, however, is how effectively they will deliver. Ottawa has made clear its desire to build, but macroeconomic headwinds and uncertainty threaten what is buildable and investable. Unlocking available capital for Canadian growth will require creativity, conviction, and swift federal action to solve the economic and political hurdles holding it back.”

— Michelle McQuade, economics and policy practice leader for PwC Canada

This report by The Canadian Press was first published Nov. 5, 2026.

The Canadian Press