Prime Minister Mark Carney holds up a copy of the budget as he and Minister of Finance and National Revenue François-Philippe Champagne make their way to the House of Commons for the tabling of the federal budget on Parliament Hill in Ottawa, on Nov. 4, 2025. The Canadian Press/Justin Tang
Finance Minister François-Philippe Champagne tabled the Carney government’s first budget on Nov. 4, forecasting a $78.3 billion deficit this fiscal year and a debt-to-GDP ratio expected to climb before stabilizing in the years ahead.
Champagne said his government’s budget is a response to the “fundamental” changes in the international order and trading system, making an apparent reference to U.S. tariffs.
