Federal Budget 2025: Carney government reveals $141.4 billion plan for Canada | FULL

Canadian Prime Minister Mark Carney’s first 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.

The budget document suggests Canada is at a “crossroads” and that “global shocks” the country has endured in recent months “demand more than short-term fixes; they call for a bold down payment on the prosperity of the next generation.”

That “down payment” works out to a $78.3 billion deficit this fiscal year, up from the $42.2 billion deficit forecast in the previous Liberal government’s last economic update back in December 2024.

The budget touts $115 billion in infrastructure spending over five years, $30 billion more in defence and security spending and $25 billion for federal housing initiatives over the same period. It also promises to invest $110 billion over five years in “productivity and competitiveness” initiatives.

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