Federal budget to be tabled November 5 as economic growth slows
The Library of Parliament on Parliament Hill in Ottawa. The federal government will table its 2026 budget on November 5. File photo.
Photo credit: Salwa Farwaneh
OTTAWA — The federal government will table its 2026 budget on November 5, Finance Minister François-Philippe Champagne announced October 20, as Canada's parliamentary budget watchdog projects slower economic growth and continued federal deficits.
The upcoming budget will outline the government's spending, taxation and investment priorities for the coming year, including proposed measures addressing affordability, housing, infrastructure and economic competitiveness.
The Department of Finance says the budget will focus on attracting investment, advancing major infrastructure projects and strengthening Canada's economic security.
The announcement comes as the Parliamentary Budget Office released updated economic projections showing weaker growth than previously expected.
In its October 20 economic and fiscal outlook, the independent budget office forecast that Canada's inflation-adjusted gross domestic product would grow by 0.9 per cent in 2026 and 1.5 per cent in 2027. Both estimates are lower than its June projections.
The office attributed much of the weaker outlook to tariffs and changing trade conditions with the United States.
It also projected a federal budget deficit of $63.3 billion for the 2026–27 fiscal year, with cumulative deficits reaching approximately $333.3 billion over five years.
The projections do not include any new measures that may be announced in the November budget.
The Parliamentary Budget Office also expects the government to meet its target of balancing day-to-day operating expenses by 2028–29, although total federal borrowing and debt are projected to continue increasing.
The November 5 budget will establish the government's updated fiscal plan and provide details of proposed spending and revenue measures.
The federal government is renewing $30 million in funding for a national loan program that helps women start or expand businesses, with loans of up to $50,000 available through participating nonprofit organizations.