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Carney's cabinet asked to find 'ambitious savings' ahead of fall budget

CANADA, JUL 7 – Ministers must find up to 15% savings by 2028-29 to fund new priorities and manage deficits while aiming to balance the budget by 2028, officials said.

  • Finance Minister François-Philippe Champagne sent letters to cabinet ministers this week, urging them to identify ambitious savings ahead of the 2025 budget amid rising spending pressures.
  • Federal deficits are projected to surpass previous forecasts due to rising costs and Canada's pledge to increase defence spending to 5% of GDP, reaching $150 billion annually, according to Yves Giroux and Carney.
  • Federal departments must identify three priorities and cut program spending by 7.5%, 10%, and 15% in 2026-29 using existing resources, under a pay-as-you-go approach.
  • Cabinet ministers are tasked with ambitious spending cuts amid rising deficits and defence commitments, risking union backlash and questioning of feasibility, as the 2025 budget approaches.
  • Canada's federal budget, set to be tabled after September, requires ministers to submit savings plans by summer end, with 7.5% cuts for 2026-27.
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INFO THE FIGARO - Freezing of social benefits, reduction of the appropriations of the ministries, non-replacement of one in two officials... The elected members of the common base presented a list of measures to the Prime Minister to help him in the preparation of his budget.

·Paris, France
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La Presse broke the news in Montreal, Canada on Monday, July 7, 2025.
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