OTTAWA – The federal government is seeking to encourage major institutional investors to increase their investments in Canada through the upcoming fall budget. Liberal MPs leading budget consultations across the country report that investors are looking for assurances to invest more domestically.

The 2025 budget, which is set to be released during the fall session of Parliament, will be the first under Prime Minister Mark Carney and Finance Minister François-Philippe Champagne, who took office in May. The government is currently conducting consultations to gather feedback from various stakeholders as part of its pre-budget process.

Wayne Long, MP for Saint John—Kennebecasis and secretary of state for the Canada Revenue Agency and financial institutions, emphasized the importance of getting the budget right. "From our standpoint, it’s our first budget. We want to get the big things right," he said.

The consultations include roundtables with CEOs from Canadian industries, chamber of commerce leaders, union representatives, and First Nations groups. Long has been traveling across Canada since mid-July, aiming to visit 45 cities and all provinces and territories within two months.

He indicated that the upcoming fiscal update will focus on defense and housing, reflecting commitments made by the government early in its term. It will also build on themes from the Building Canada Act, which was passed in June and aims to promote major infrastructure projects. This legislation comes amid ongoing trade tensions with the United States and calls to strengthen the domestic economy and global trade routes.

In discussions with representatives from Canada’s Big Six banks and large pension funds, Long noted a strong desire to invest more in Canadian projects. He stated that these institutional investors are looking for the budget to foster long-term confidence necessary for funding extensive infrastructure initiatives. "I almost sense the frustration that they’re like, ‘Look, we want to invest more in Canadian industry, in nation-building projects and energy projects, but regulatory-wise, it hasn’t been effective for us to do so,’" Long said.

He suggested that implementing new regulations and providing clear signals about government priorities could effectively stimulate investment. "These are tweaks and changes we can make that I think can result in billions of dollars being reinvested back in the country," he added.

Ryan Turnbull, MP for Whitby and parliamentary secretary to Long and Champagne, is also engaging with industry stakeholders. He reported that many are eager to contribute to solutions for Canada’s trade challenges and economic uncertainties. "We’re looking to provide certainty through this budget process," Turnbull said.

Turnbull highlighted that stakeholders in the energy storage and nuclear sectors are advocating for the government to expand investment tax credits in the coming years. Such commitments could encourage businesses to invest in their operations and attract outside capital.

Concerns about transportation infrastructure, particularly at Canadian ports, have also been raised. Turnbull noted that businesses aiming to enter global markets need assurance that critical infrastructure, such as the ports in Vancouver, will remain operational. "If (Canada) has bottlenecks and congestion within its transportation system and can’t get products to market at the scale and scope that we’re going to need to in order to respond to the challenges we face in dealing with the United States, we’re going to have to address that port infrastructure," he said.

Carney has emphasized a dual approach of "spend less" and "invest more" since taking office. He has pledged to balance the operating budget within three years, with ministers tasked to find 15 percent savings in their spending. The Public Service Alliance of Canada has raised concerns about potential job cuts resulting from these reductions and has urged the government to collaborate with unions to achieve savings.

Turnbull acknowledged the apprehension among public sector workers but also noted the potential for improvements and efficiencies. "We don’t want to compromise on quality. But I do think it’s a very healthy exercise for the federal government to say, where is there duplication? Where is there redundancy? Where can we get better results for Canadians?"

While this will be Long’s first federal budget, he has prior budgeting experience from his time as president of the Saint John Sea Dogs, a junior hockey team. "I’ve never been involved in a budget for a process of this magnitude. But in previous lives, for me, when I was president of the Saint John Sea Dogs, we would go through a budgeting process also," he said. "And a lot of the decisions we made in that budget we recognize fully would set the tone for the future. So this is the opportunity we have with this budget."