Champagne to Table Federal Budget November 5

OTTAWA - Finance Minister Francois-Philippe Champagne says the Liberal government will table this year's budget November 5.

This will be the second budget under Prime Minister Mark Carney and the second consecutive budget to be introduced in the fall. Prior to last year, the federal financial plan had typically been introduced in the spring. But Carney decided to switch to a fall tabling last year. Champagne announced the timing of the budget during Tuesday's question period.

The government's spring economic update, introduced in April, showed a lower deficit for the last fiscal year than the previous budget forecast. The 2025 budget had originally pegged the deficit for 2025-26 at $78.3 billion. But April's update projected the deficit at $66.9 billion.

Surging oil prices in part contributed to the windfall in the spring update. For the current fiscal year, April's update had projected a $65-billion deficit for the current fiscal year.

Champagne's announcement comes the same day that the Parliamentary Budget Office (PBO) trimmed its outlook for economic growth for this year and next. In a revised outlook, the federal budget watchdog said it now projects real gross domestic product growth of 0.9 per cent for this year and 1.5 per cent in 2027. The forecast is down from estimated growth of 1.1 per cent and 1.6 per cent, respectively, issued in June.

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