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The federal government unveiled plans Tuesday to shell out $73 billion for national defence by the end of the decade — a staggering sum as Canada positions itself to meet aggressive NATO spending commitments. The massive defence spending plan — which is light on specifics but presents hefty dollar figures — also hints at what’s in the government’s promised Defence Industrial Strategy and even teases a new “sovereign space-launch capability.”Finance Minister François-Philippe Champagne’s first budget touts a towering topline figure of $81.8 billion on a cash basis over five years to build up the Canadian Armed Forces. 3:17 Canada Budget 2025: Economist says private sector wanted ‘bolder’ incenti...

By Staff The Canadian Press Posted November 4, 2025 6:25 pm 1 min read Descrease article font size Increase article font size Here’s a brief look at the key numbers in the Liberal government’s 2025 budget: —$20.1 billion: Total net new government spending for the 2025-26 fiscal year.—$89.7 billion: Total of net new budget spending items over five-year timeline of budget plan, including a projected $51.2 billion in cost savings.—$78.3 billion: The total deficit for this fiscal year — more than double estimates for last year. Get weekly money news Get expert insights, Q&A on markets, housi...

The Liberal government’s new federal budget is proposing cuts and reductions to prominent policies once championed by the party, including the luxury tax on boats and private planes, a tax on underused homes and potentially the greenhouse gas emission targets. Other measures include a “super-reduction” to Canada’s marginal effective tax rate and further automating traveller screening at the nation’s airports, which the government says will help deliver “efficiencies” along with the rest of the public sector.Here’s a rundown of what the budget proposes to cut. Ending luxury, unused house tax The government is proposing to eliminate the “inefficient” Underused Housing Tax and the luxury tax on private aircraft and vessels, which the budget says “will result in adm...

By Anja Karadeglija The Canadian Press Posted November 4, 2025 6:38 pm 1 min read Descrease article font size Increase article font size The Liberal government’s plans for CBC/Radio-Canada include looking at getting Canada into the Eurovision international song contest. A line in the new federal budget’s section on CBC says the government is working with the public broadcaster to explore participation in the popular song contest. 2:37 Canada budget 2025: Carney’s ‘generational budget’ brings nearly $80 billion deficit  ...

The Carney government delivered its first federal budget on Tuesday, a document marked by high spending, lower immigration targets and a variety of cuts all emphasizing Canada’s need to confront a “generational” challenge amid the “rupture” of the trade war. The government’s 2025 budget sets out an agenda of $141.4 billion in new spending offset by $51.7 billion in projected savings over the next five years, with the deficit projected at $78.3 billion this year.Conservative Leader Pierre Poilievre said the “costly” budget would add to the national debt.“On behalf of all the Canadians who can no longer afford to eat, heat or house themselves because of Liberal inflation, we Conservatives cannot support this costly Liberal budget,” Poilievre said.Here are some smaller points you may have mis...

The Carney government says it is cutting foreign aid spending to a level in line with Canada’s pre-pandemic aid allocations — without specifying the size of this year’s aid budget. Tuesday’s budget forecasts $2.7 billion in cuts over four years, which will affect things like global health projects. Ottawa is also withdrawing some support for a world-renowned aid research centre.“There will be reductions in development funding to global health programming, where Canada’s contribution has grown disproportionately relative to other similar economies,” the budget document says.It’s not clear where the aid cuts will land. The budget talks of “leveraging innovative tools, while focusing support for countries that need it the most” and rejigging existing agreements with specific countries.The bud...

The federal government’s climate competitiveness strategy promises a stronger industrial carbon pricing system and the prospect of ending the emissions cap on oil and gas production to drive more investments in clean growth. But the strategy, outlined in the federal budget on Tuesday, was short on details — and offered no update on where Canada stands on its 2030 and 2035 emission reduction targets. 2:37 Canada budget 2025: Carney’s ‘generational budget’ brings nearly $80 billion deficit  That’s despite assurances from federal ministers in recent months that the competitiveness plan would shed light on Canada’s commitments. Story conti...

Longtime Nova Scotia MP Chris d’Entremont has resigned from the Conservative caucus, Global News has learned. Two sources in the Conservative caucus confirmed the news of d’Entremont’s resignation. One of the sources said the resignation was due to a “personal grievance.”It is not immediately clear if he will cross the floor to another party or sit as an independent. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. The move comes after d’Entremont told Politico earlier Tuesday he was considering crossing the floor to join the Liberals, and would make a decision after reading the budget.D’Entremont served as deputy House Speaker ...