If the Democrats win the U.S. midterms, what would change for Canada?

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Source: Global News Politics
Date: 2026-11-03 11:00:29.0
Tags: [National, Trade, Economy, Finance, Governance]

Following U.S. midterm elections where Democrats targeted President Donald Trump's tariff policies—specifically the Section 232 sectoral tariffs on steel, aluminum, and autos as well as sweeping Section 338 50% tariffs—political analysts note that U.S. executive powers under the Trade Expansion Act and the Trade Act of 1930 allow the administration to bypass Congress on trade actions. While a Democratic sweep of the House and Senate introduces the potential for presidential impeachment or legislative veto standoffs, trade experts emphasize that congressional control does not guarantee the removal of cross-border tariffs affecting Canada. Canadian trade negotiators face continued uncertainty as U.S. officials scrutinize bilateral relations and political dynamics unfold.

Small business tax troubles a target of federal budget: Champagne

Source: Global News Politics
Date: 2026-11-02 18:10:43.0
Tags: [National, Taxation, Finance, Economy, Industry]

Finance Minister Francois-Philippe Champagne announced that the upcoming federal budget, led by Prime Minister Mark Carney, will target the complexity of the federal tax code to assist Canada's small- and medium-sized businesses. The upcoming fiscal plan builds on the previously announced $36 billion, five-year productivity mega-deduction designed to let businesses immediately write off eligible capital investments in their first year. The Canadian Federation of Independent Business (CFIB) has advocated for broader policies, such as lowering the small business tax rate and addressing gaps in federal tariff relief regimes to assist smaller firms.

Budget 2026 is about ‘us,’ not the U.S. trade war, finance minister says

Source: Global News Politics
Date: 2026-11-02 15:44:30.0
Tags: [National, Economy, Finance, Trade, Defence, Governance]

Finance Minister François-Philippe Champagne announced that the federal government's upcoming 2026 budget will focus primarily on domestic economic growth, industrial investment, trade diversification, and increased defence spending rather than the ongoing trade negotiations with the United States under President Donald Trump. Prime Minister Mark Carney and U.S. President Donald Trump recently indicated that talks regarding a mutually beneficial trade deal and concepts of an agreement are progressing. The sophomore budget, set to be unveiled on Thursday, aims to strengthen Canadian sovereignty and address affordability concerns amidst broader geopolitical tensions.

Canada's next budget to be unveiled this week amid U.S. trade war, economic uncertainty

Source: CBC Politics
Date: 2026-11-02 09:00:00.0
Tags: [National, Economy, Taxation, Finance, Trade, Infrastructure, Defence, Housing, Culture]

Prime Minister Mark Carney's upcoming federal budget, set to be unveiled by Finance Minister François-Philippe Champagne under the title "Masters of Our Destiny" ("Maîtres Chez Nous"), will focus on affordability measures, business tax incentives, and strategic investments in infrastructure, defence, and culture. The fiscal plan addresses ongoing economic uncertainty and a U.S. trade war while factoring in a Parliamentary Budget Office projection that public debt charges will reach $83 billion by 2030-31. Stakeholders such as the Canadian Federation of Independent Business and the Council of Canadian Innovators are pressing for targeted tax relief, including reductions to small business corporate tax rates and technology sector capital gains incentives. Meanwhile, economists note that housing delivery under the Build Canada Homes initiative remains behind targets, with only about 2,000 of 19,000 committed affordable units currently under construction.

Ahead of budget, Poilievre urges Carney to end diesel taxes and cut spending

Source: Global News Politics
Date: 2026-11-01 17:57:03.0
Tags: [National, Taxation, Finance, Economy, Infrastructure, Transportation]

Ahead of the federal budget tabled by Finance Minister Francois-Philippe Champagne, Conservative Leader Pierre Poilievre urged Prime Minister Mark Carney to eliminate all taxes on diesel until Canada Day, suspend the GST on fuel, and scrap the Fuel Standard Tax. Poilievre also called on the government to curb spending by reducing bureaucracy, cutting wasteful foreign aid, and cancelling the ALTO high-speed rail project between Toronto and Quebec City. Citing Parliamentary Budget Officer projections of $733 billion in additional debt over five years and a $63.3-billion deficit for the 2026-27 fiscal year, Poilievre pressed the administration to maintain its debt anchors and lower deficits until the budget is balanced.

C-31 (45-1) - Budget 2025 Implementation Act, No. 2

Source: Parliament of Canada (LEGISinfo)
Date: 2026-10-30 12:26:14.0
Tags: [National, Finance, Taxation, Economy, Governance]

Bill C-31 (45th Parliament, 1st Session), titled the Budget 2025 Implementation Act, No. 2 and sponsored by Minister of Finance and National Revenue, has advanced to the report stage in the House of Commons following committee review by the Standing Committee on Finance, which presented its report with amendments on October 30, 2026. The legislation implements provisions stemming from the federal budget tabled on November 4, 2025, and the 2026 Spring Economic Update titled 'Canada Strong For All'. The Senate has concurrently authorized pre-study of the bill's subject matter across multiple standing committees, including the Standing Senate Committee on National Finance and specialized sectoral committees assigned to specific divisions of Part 4 of the bill.

Budget 2026 title and theme focus on Canada’s sovereignty, minister reveals

Source: Global News Politics
Date: 2026-10-29 15:00:05.0
Tags: [National, Finance, Economy, Trade, Seniors, Governance]

National Revenue Minister François-Philippe Champagne announced that the federal government will table Budget 2026 on November 5, 2026, under the title and theme "MASTERS OF OUR DESTINY: BUDGET 2026" (inspired by Jean Lesage's 1962 Quebec slogan "Maîtres chez nous"). Prime Minister Mark Carney's government designed the upcoming budget to address a period of profound change and uncertainty involving redefined trade relationships, U.S. tariffs, trade tensions, and geopolitical conflicts threatening Canadian sovereignty and economic resilience.

Bank of Canada raises key interest rate to 2.5% in its first hike since 2023

Source: CBC Politics
Date: 2026-10-28 12:33:56.0
Tags: [National, Economy, Finance, Trade, Affordability]

The Bank of Canada, led by Governor Tiff Macklem, raised its benchmark overnight interest rate by 25 basis points to 2.5 per cent, marking its first rate hike since 2023. The central bank stated that the increase is necessary to curb persistent inflation—projected to remain above 3 per cent through much of 2027—which is driven largely by surging energy prices from the Middle East conflict and rising trade tensions with the United States. Policymakers warned that further rate hikes could occur depending on future economic uncertainties and cost pressures.

Canada Post CEO touts ‘early signs’ of recovery even as financial woes persist

Source: Global News Politics
Date: 2026-10-22 21:45:13.0
Tags: [National, Economy, Finance, Labour, Transportation]

Canada Post CEO Doug Ettinger announced early signs of financial recovery at the Crown corporation's annual public meeting, citing a reduced pre-tax loss of $277 million in the second quarter of the year compared to $407 million the previous year. To address structural challenges, Canada Post is phasing out door-to-door delivery for four million addresses over five years in favor of community mailboxes—targeting 700,000 households by the end of 2027—and launching a direct-to-consumer online marketplace named Canada Shops. These operational overhauls follow the federal government's adoption of recommendations from an Industrial Inquiry Commission led by William Kaplan, which lifted a moratorium on new community mailboxes and rural post office closures.

Carney government has no launch date planned for proposed sovereign wealth fund

Source: CBC Politics
Date: 2026-10-21 08:00:00.0
Tags: [National, Economy, Finance, Infrastructure, Industry, Governance]

Nearly six months after Prime Minister Mark Carney announced plans to create the Canada Strong Fund—a proposed national sovereign wealth fund backed by $25 billion in seed funding over three years—the federal government has yet to establish a launch date or finalize its operational details. Administered as an arm's-length Crown corporation, the fund is intended to invest domestically in energy, infrastructure, agriculture, and technology alongside private investors, while introducing a retail investment product for ordinary Canadians. Finance Minister François-Philippe Champagne's office indicated that a significant update, including leadership announcements and mandate reviews to prevent overlap with existing entities like the Canada Growth Fund and Canada Infrastructure Bank, will be provided in the upcoming fall budget.

Canada’s federal budget date revealed as trade war continues to bite

Source: Global News Politics
Date: 2026-10-20 18:55:54.0
Tags: [National, Economy, Finance, Trade]

Finance Minister Francois-Philippe Champagne announced that Prime Minister Mark Carney's second federal budget will be released on November 5, 2026, shifting the delivery schedule from spring to fall. The budget release follows a downward revision by the Parliamentary Budget Officer, projecting a gross domestic product growth of 0.9 per cent for 2026 and 1.5 per cent for 2027. Additionally, the PBO projected a budgetary deficit of $63.3 billion for the 2026-27 fiscal year, peaking at $70.2 billion the following year. These fiscal pressures come amid ongoing bilateral trade tensions involving U.S. President Donald Trump's enactment of 50 per cent tariffs on Canadian goods and Canada's retaliatory counter-tariffs.

Liberal government to table budget on Nov. 5

Source: CBC Politics
Date: 2026-10-20 18:50:43.0
Tags: [National, Economy, Finance, Trade, Governance]

Federal Finance Minister François-Philippe Champagne announced that the Liberal government under Prime Minister Mark Carney will table its federal budget on November 5, marking the second consecutive fall fiscal plan. The upcoming budget follows a spring economic update that projected a $65-billion deficit for the current fiscal year and comes amid a revised Parliamentary Budget Office outlook forecasting real GDP growth of 0.9 per cent for the year and a budgetary deficit peaking at $70.2 billion in 2027-28. The economic landscape is further defined by collapse in Canada-U.S. trade talks, reciprocal tariff implementations, and an annual inflation rate rising to 3.1 per cent in September primarily driven by fuel prices.

Budget watchdog trims economic forecast for 2026 and 2027 amid new U.S. tariffs

Source: CBC Politics
Date: 2026-10-20 16:30:17.0
Tags: [National, Economy, Trade, Finance]

Following the breakdown of Canada-U.S. trade talks in late August and the subsequent implementation of U.S. tariffs and Canadian counter-tariffs, Parliamentary Budget Officer Annette Ryan released a revised economic and fiscal outlook. The Parliamentary Budget Office (PBO) reduced its real gross domestic product growth forecast to 0.9 per cent for 2026 and 1.5 per cent for 2027, down from June projections of 1.1 per cent and 1.6 per cent respectively. Additionally, the federal budgetary deficit is now projected at $63.3 billion for the 2026-27 fiscal year, peaking at $70.2 billion in 2027-28, with deficits running $3 billion higher per year on average due to new spending measures offsetting revenues. The PBO also projects that the annual inflation rate will average 2.8 per cent in 2026 before easing to 2.4 per cent in 2027, while anticipating that the Bank of Canada will raise its policy rate to 2.75 per cent by mid-2027.

Feds agree to more than double Yukon gov’t borrowing limit to $3B

Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
Date: 2026-10-19 19:29:03.0
Tags: [National, Finance, Governance, Economy]

The federal government has agreed via an order-in-council dated October 9 to more than double the Yukon government's borrowing limit from $1.2 billion to $3 billion. The territory's previous debt cap was nearing its limit, with the territorial budget estimating the Yukon was only about $32 million away from the threshold. Yukon Premier and Finance Minister Currie Dixon had previously stated he would consider resigning if his government breached its debt limit.

Atlantic Canadian businesses can now apply for nearly $40M in AI funding

Source: Prince Edward Island - Regional News
Date: 2026-10-14 18:00:00.0
Tags: [Prince Edward Island, Nova Scotia, New Brunswick, Newfoundland and Labrador, National, Technology, Economy, Industry, Finance]

The Atlantic Canada Opportunities Agency has launched a federal funding program offering nearly $40 million for small and medium-sized businesses pursuing large-scale artificial intelligence projects costing at least $1 million. The funding supports two primary tracks: adopting AI into internal business operations, such as proposal development tools utilized by Cabco Technologies, or developing new AI solutions to bring to market. Applications for the program remain open until November 20. The initiative aims to address a regional adoption gap highlighted by the Atlantic Economic Panel, which reported that approximately 15 per cent of Atlantic Canadian businesses with 10 or more employees use AI, compared to 20 per cent nationally.

Provinces call on Ottawa to expand mining credit

Source: Global News Politics
Date: 2026-10-10 12:17:12.0
Tags: [National, British Columbia, Alberta, Saskatchewan, Manitoba, Nova Scotia, Taxation, Economy, Resources, Mining, Finance]

Nearly half of Canada's provinces and territories—specifically Nova Scotia, Manitoba, Saskatchewan, Alberta, British Columbia, and Yukon—are urging the federal Liberal government to fulfill its 2025 election promise to expand the mineral exploration tax credit to include engineering and feasibility study costs. The Association for Mineral Exploration and the Nunavut and N.W.T. Chamber of Mines argue this measure is crucial to help junior mining companies navigate the late-stage 'valley of death' financing gap. An Ernst & Young report commissioned by the association indicates that covering feasibility and economic viability studies could generate between 14,000 and 34,000 jobs and add $5.2 billion to $12.2 billion in GDP over 10 years. While Finance Minister François-Philippe Champagne's office highlighted recent federal initiatives such as the Productivity Mega Deduction and the Critical Mineral Exploration Tax Credit, federal expenses under the Canadian exploration expenses framework still exclude economic assessments and feasibility studies.

Sale of Baffinland's assets should be run by an independent officer, feds argues

Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
Date: 2026-10-09 21:52:54.0
Tags: [National, Mining, Resources, Economy, Finance, Justice]

Federal government lawyers and Export Development Canada (EDC) are arguing in the Ontario Superior Court that an independent, court-appointed officer should oversee the asset sale process for Baffinland Iron Mines Corp. Baffinland, which operates the Mary River Iron Mine on northern Baffin Island and employs over 1,200 workers, entered creditor protection in May owing $2.6 billion to 231 creditors and previously secured a $660-million loan from EDC to stay operational. EDC's legal representation argues that Baffinland's current operating committee faces conflicts of interest due to personal financial stakes, whereas Baffinland's counsel opposes the measure as an unprecedented attempt to rewrite contractual terms. Ontario Superior Court Judge Jana Steele has reserved her decision to be delivered in writing at a later date.

Ottawa considering ‘options’ as foreign home buyer ban nears end: minister

Source: Global News Politics
Date: 2026-10-07 20:34:15.0
Tags: [National, Housing, Affordability, Economy, Finance]

Federal Finance Minister François-Philippe Champagne announced that the Liberal government is considering options regarding the future of the ban on foreign ownership of Canadian residential property. The restriction, originally enacted in 2022 to cool housing markets for Canadian buyers and previously extended in 2024, is scheduled to sunset in January 2027. The government's decision on whether to extend, modify, or allow the ban to expire will be evaluated based on housing stock availability and market evolution ahead of the upcoming federal budget.

Canada needs ‘substantial’ defence spending to reach NATO 5% targets: PBO

Source: Global News Politics
Date: 2026-10-06 14:57:34.0
Tags: [National, Defence, Finance, Economy]

A Parliamentary Budget Office (PBO) report indicates that the Liberal government's plans to increase defence spending to 5 percent of GDP by 2035 will require core defense spending to climb from $95.7 billion in 2030 to $163.7 billion in 2035-36. The PBO estimates this massive funding increase will add $63.7 billion, or 1.4 percent of GDP, to the federal budgetary deficit by 2035-36 and leave federal debt 5.7 percentage points of GDP higher. Finance Minister Francois-Philippe Champagne stated that further details and measures to finance these investments will be introduced in the government's 2026 budget.

Yukon premier touts 'improved fiscal picture' in territory with budget update

Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
Date: 2026-10-05 11:00:00.0
Tags: [National, Finance, Economy, Infrastructure, Mining, Affordability]

Yukon Premier and Finance Minister Currie Dixon tabled the Yukon Legislative Assembly's fall economic update and a partial capital plan for 2027, projecting a revised budget deficit of $53.7 million—down from the previously predicted $82 million. Forecasted revenues increased by $23.8 million due to higher federal transfers, taxes, and resource royalties, while projected expenditures dropped by $4.2 million, and net debt is now expected to reach $776.2 million by year-end. The 2027 capital spending plan allocates $138.8 million for the upcoming construction season, targeting projects such as the North Klondike Highway, the Shakwak corridor, the Whitehorse hospital expansion, and housing in Burwash Landing, Mayo, and Teslin. Simultaneously, the territory's economic update projects slower real GDP growth driven by lower production at the Keno Hill mine and placer gold operations, alongside elevated local inflation expected to average 4.6 per cent in 2026 due to higher shelter costs, electricity prices, and a greater reliance on heating oil.