Prime Minister Mark Carney’s Liberal government delivered its first budget Tuesday, promising “a new era of leadership and a new economic foundation.”

The 406-page document details billions in proposed cuts and investments meant to spur growth and productivity amidst trade uncertainty and a slowing economy.

Here are some of the highlights of the Liberals’ 2025 budget.

THE TOP-LINE NUMBERS

The budget projects a deficit of $78 billion for 2025-26, which is forecast to drop to $65 billion next fiscal year and then gradually fall to $57 billion in 2029-30.

Advertisement

Advertisement

Advertisement

Advertisement

The budget pledges to balance operational spending in three years.

Still, this year’s deficit is far more than the $42 billion the last Liberal government promised it would be

See Full Page