Federal Budget Set for Thursday as Carney Government Outlines Affordability and Infrastructure Plans

OTTAWA – November 3, 2026

Finance Minister François-Philippe Champagne is scheduled to table the federal government’s second budget under Prime Minister Mark Carney on Thursday, November 5.

The document is titled “Masters of Our Destiny.” A senior government source told CBC the budget will include new affordability measures, business tax incentives, and investments in infrastructure, defence, and culture. The government is expected to frame the plan as ambitious but fiscally sound.

Canadians can also expect more details on previously announced items, including plans for private investment in Canada’s four largest airports and how the government intends to balance the operational budget a year ahead of its earlier schedule. An update on the Canada Strong Fund, the national sovereign wealth fund announced last spring, is also anticipated. Officials have said the budget is organized around three pillars: investing in the people, the identity, and the growth of Canada.

The tabling comes days after Carney and U.S. President Donald Trump both described progress toward a trade agreement. Carney said their teams would work in the coming weeks on the outlines of a deal that would create jobs, improve affordability, and respect Canada’s languages, culture, and sovereignty. Trump said the two sides had the “concept” of a deal and mentioned the Keystone XL pipeline as part of the discussions. No final text has been released. Canada continues to face 50 percent U.S. tariffs on a range of goods after talks broke down in August.

The Parliamentary Budget Officer has projected higher deficits than the government forecast in its spring update. Annette Ryan has said new spending commitments have used up earlier revenue gains from higher oil prices. The PBO expects deficits to remain above $63 billion later in the decade, compared with lower figures projected in the spring. Defence spending is one of the larger pressures. Canada has set a target of reaching 5 percent of GDP on defence by 2035.

Champagne has said the budget will outline the next steps in the government’s plan to build a stronger, more resilient, and more affordable Canada. The spring economic update had projected a $65.3 billion deficit for the 2026-27 fiscal year. Whether Thursday’s document confirms or revises that figure will be one of the main points of attention when the budget is released.

For resource regions, including northwestern Ontario, the combination of U.S. tariffs and Ottawa’s infrastructure and critical minerals agenda remains relevant. No specific new measures for the northwest have been pre-announced. Projects already designated as national interest, including the Pacific Link pipeline and other resource developments, continue under the Major Projects Office process.

The budget will also arrive two days after U.S. midterm elections. Officials have said the document is not a reaction to the U.S. electoral calendar. Trade talks between Ottawa and Washington are expected to continue regardless of the outcome of those elections.

Opposition parties have said they will scrutinize both the size of any new spending and the government’s ability to meet its fiscal anchors. The government has a majority in the House of Commons, so the budget is expected to pass. The details released Thursday will show how Carney’s government intends to balance new investments against the constraints of the current deficit outlook and the ongoing trade dispute with the United States.