Finance Minister Francois-Philippe Champagne is seen during a news conference in Ottawa on Sept. 2, 2026. The Canadian Press/Adrian Wyld
The federal government will table its next budget on Nov. 5, Finance Minister François-Philippe Champagne announced in the House of Commons on Oct. 20.
The budget will be the second introduced under Prime Minister Mark Carney, who changed the scheduling for budgets so that they are now tabled in the fall instead of spring.
Finance Canada said in
a statementthat Budget 2026 will detail the Liberal government’s plan to “build a stronger, more independent and more resilient economy, while making life more affordable for Canadians.”
The agency said the budget will propose measures to increase investment, move forward on nation-building projects, create jobs, strengthen the country’s economic security, and “help Canadians seize new opportunities in a changing world.”
The announcement on the budget came the same day that the Parliamentary Budget Officer (PBO) released a report that trimmed the 2026 and 2027 outlook for economic growth. The report said Canada’s economy will grow by just 0.9 percent in 2026 and 1.5 percent in 2027, whereas in June, it projected GDP growth of 1.1 percent this year and 1.6 percent in 2027.
The PBO said the updated economic predictions take into account the ongoing tariff war between Canada and the United States. In addition to U.S. tariffs on Canadian automobiles and auto parts, steel, aluminum, and copper, Washington imposed 50 percent tariffs on $27.6 billion worth of Canadian goods on Aug. 22, and Ottawa responded with counter-tariffs on $27.6 billion worth of U.S. imports on Sept. 8.
On top of lower economic growth, the PBO also projected a budgetary deficit of $63.3 billion for the 2026–27 fiscal year, and said it will peak at $70.2 billion in the 2027–28 fiscal year.
The next budget will also be tabled amid rising prices, with the latest Statistics Canada report showing that the inflation rate rose to 3.1 percent in September due to higher oil prices. The agency said the acceleration in prices was driven by higher gasoline prices compared to August, when the inflation rate was at 3 percent.
The Bank of Canada held its key interest rate steady at
2.25 percentfor a seventh consecutive meeting on Sept. 2. Bank of Canada Governor Tiff Macklem told reporters that inflation risks had risen, as elevated oil prices and refinery margins could push up the prices of other goods and services. He added that the Bank would adjust monetary policy as needed, signalling that rate hikes could soon come.
The Bank of Canada will announce its next decision on interest rates on Oct. 28.
Conservative MP and finance critic Michael Chong said the PBO report shows that interest is the fastest-growing government expense.
“That’s largely because the debt is growing at twice the rate of deficits - because off-budget accounting,” Chong said on social media on Oct. 20. “Interest costs are projected to eat up $83.0 billion by 2030‑31, 13.6¢ of every tax dollar.”
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