OTTAWA — Finance Minister François-Philippe Champagne announced that the federal budget will be presented on November 4. This budget will mark the first for the federal Liberals under Prime Minister Mark Carney. Champagne made the announcement during question period, describing the upcoming budget as a “generational investment” in Canada’s future.

“We’re going to present a great budget in this house on the fourth of November, mister speaker,” Champagne stated. He emphasized the government's commitment to building the country, protecting communities, and empowering Canadians.

Prime Minister Carney has characterized the budget as a blend of cost-cutting measures and investments aimed at safeguarding Canada’s economy from potential disruptions in U.S. trade. Traditionally, the federal budget is released in the spring, but the Liberals have opted to delay it until the fall this year.

Since the spring election, Carney has introduced several significant spending initiatives, including billions allocated for defense and infrastructure projects. As the Liberal government operates as a minority, it will require support from at least one other party to pass the budget during the fall session of Parliament.

In addition to the budget announcement, the federal government has implemented a reduction in personal tax rates for the lowest tax bracket by one percentage point as of July. An expenditure review has also been initiated to reduce day-to-day spending across the public service.

Fiscal analysts are predicting that the federal deficit may increase in the upcoming budget. Despite this, Carney has committed to balancing the operating side of the budget within three years, even as capital spending is anticipated to rise.