Follow CPAC on Tuesday, Nov. 4 for complete coverage of the federal budget. Finance Minister François-Philippe Champagne delivers the budget speech in the House of Commons, followed by reaction and analysis.
Prime Minister Mark Carney has said to expect both austerity and investment when his government delivers its first budget.
"We need to rein in spending, we need to find efficiencies ... that create the room for these big investments," he said in early September.
Carney also previewed the government's budget messaging in an Oct. 22 speech at the University of Ottawa, speaking of sacrifices, fiscal capacity, and “difficult choices.”
PM Mark Carney delivers address in advance of federal budget – October 22, 2025
Watch analysis of Carney's speech with Marci Surkes (Compass Rose) and journalist Stephanie Taylor (National Post):
Mark Carney's pre-budget speech analysis: Political panel
The Liberals are three seats short of a majority in the House of Commons. That means at least one other party will need to co-operate to ensure the budget motion passes.
Conservative Leader Pierre Poilievre wants an "affordable budget" that would "repeal anti-resource laws, cut taxes to drive reinvestment, and eliminate the red tape that is choking homebuilding and business growth."
The official opposition also wants action on the cost of living, immigration, job training programs, and workforce housing.
Conservative Leader Pierre Poilievre on budget priorities, RCMP comments – October 22, 2025
The Bloc Québécois has 18 budget demands; six are being called non-negotiable. They include a 10-per-cent boost to Old Age Security for the 65-to-74 age group, costing $14.3 billion over five years.
Le Bloc Québécois dévoile six demandes clés pour protéger Québec dans le budget – 14 octobre 2025
NDP interim leader Don Davies has warned his seven-member caucus would not support an austerity budget. But he also says there are no "red lines" for New Democrats.
Interim NDP Leader Don Davies outlines priorities for fall budget – October 8, 2025
