7 Takeaways for Canadians From PM Carney’s Spring Economic Update
The update projects a $66.9 billion deficit and $37.5 billion in new measures, including trade, sports and fraud-fighting spending.
- On Tuesday, the Liberal government released its 2026 spring economic update, reporting a deficit of $66.9 billion for the fiscal year that ended last month, $11.5 billion lower than Budget 2025 projected.
- Federal finances improved primarily due to a $60-billion uplift from surging oil prices, while average annual federal revenues increased by $7.2 billion over previous budget projections.
- The update outlines $37.5 billion in new spending, earmarking $25 billion for the Canada Strong Fund and $5.9 billion over five years to recruit 80,000 to 100,000 skilled trade workers.
- Legislation will lower Canada Pension Plan contribution rates to 9.5 per cent starting next year, while the government announced it intends to ban cryptocurrency ATMs to address financial fraud.
- Despite these investments, the government remains slated to run annual deficits of well over $50 billion through 2031, prompting tax policy analyst Fred O Riordan to warn that ordinary Canadians looking for pocketbook savings will be disappointed.
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Spring Economic Update already cashed-in, leaving little room for growth agenda
OTTAWA, Ontario, April 28, 2026 (GLOBE NEWSWIRE) -- The Spring Economic Update paints a rosier-than-expected financial picture, but much of that upside has already been committed—leaving limited room for new investment or tax initiatives to support the government’s productivity and…
Billions in new spending in federal government's economic update
The spring economic update showed the federal deficit is $11 billion lower than projected
Big spending, smaller deficit: key numbers from the spring economic update
OTTAWA — Here's a brief look at some of the key numbers in the Liberal government's 2026 spring economic update: $66.9 billion: Projected deficit for 2025-26, $11.5 billion lower than the projection in Budget 2025.
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