TORONTO – Canadian Prime Minister Mark Carney on Saturday unveiled his campaign platform, outlining a sweeping economic agenda that includes tax cuts, increased infrastructure and defence spending, and a push to reduce Canada’s reliance on the United States.
At a press conference, Carney positioned himself as the leader best equipped to manage crises, citing his past roles steering the Bank of Canada during the 2008 financial crisis and the Bank of England through Brexit. He also pledged to stand firm against U.S. President Donald Trump, who has recently imposed tariffs on Canada and made inflammatory remarks about annexation.
“We’re in an enormous crisis, so we have to be able to do two things. One, hold down on that wasteful spending, which we will do. But much more than that, we need to be bold and drive investment in the economy and take the amazing opportunities we have,” Carney said.
Carney’s platform departs from the policies of his predecessor, Justin Trudeau, by promising a leaner government while maintaining vital social transfers. The plan introduces a new distinction between operating and capital expenditures in federal budgeting—a structural reform not previously seen in Canada’s fiscal planning.
According to the platform, the federal deficit would be brought down progressively—from 1.96% of GDP in 2025–26 to 1.35% by 2028–29. By contrast, Trudeau’s government had projected a 1.6% deficit for the fiscal year that ended in March.
Government spending, which Carney claims has been growing at 9% annually, would be curtailed to around 2% growth under his administration. Importantly, this would be achieved without cutting transfers to provinces, territories, or individuals.
“Our plan gets government spending under control because the government has been spending too much and Canada has been investing too little,” Carney said. He also committed to balancing the federal operating budget within the next three years.
On the global stage, Carney pledged to increase defence spending to exceed NATO’s 2% of GDP target. He underscored Canada’s intention to deepen cooperation with European allies to bolster transatlantic security.
With a focus on fiscal responsibility, economic revitalisation, and strategic independence, Carney’s campaign appears aimed at reshaping Canada’s domestic and international trajectory in a post-Trudeau era.