The Parliament Hill Peace Tower is framed by leaves as seen from Major’s Hill Park in Ottawa on Saturday, Nov. 1, 2025. Keito Newman/The Globe and Mail

Most Canadians can draw a sigh of relief: While the Carney government had been warning of cost cutting and financial sacrifice in the lead-up to the federal budget, its first fiscal blueprint contains no major tax increases or benefits cuts.

Instead, the budget outlines only a few small curbs on tax breaks and financial assistance, including new limits on eligibility for federal student loans and grants.

The government also refrained from making good on a few promises that would have put additional pressure on public coffers. There was no mention, for example, of reducing minimum withdrawals from a Registered Retirement Income Funds (RRI

See Full Page