In this edition:
- Carney’s 1st budget calls for billions in new spending to prop up tariff-hit economy
- Budget 2025 goes big on capital spending, deficit projected at $78.3B
- Liberal budget earmarks billions for ‘bold and swift action’ to meet U.S. disruption
- What’s missing from the Carney government’s first federal budget
- Owe Canada: Everything you need to know about Canada’s $1.28 trillion (and counting) federal debt
- Welland pays $3.7M for two southeast properties to create 7th industrial park
- Grimsby launches Heritage Property Tax Relief Program
- Algoma posts $228M Q3 revenues in “milestone” quarter
- Canada returned to approved list for Chinese group travellers
- CN Rail cuts spending, jobs amid tariff crunch, even as profits rise
- Pizza Hut’s parent company says it’s considering selling the chain
- Focus on Finance & Economy
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Picture credit: Office of the Prime Minister of Canada
Carney’s 1st budget calls for billions in new spending to prop up tariff-hit economy
Finance Minister François-Philippe Champagne presented his first federal budget Tuesday and it includes big-ticket items to prop up an economy grappling with major economic disruptions but also cuts to the public service to get the fiscal house in order.
Champagne’s document shows a deficit of roughly $78 billion for the 2025-26 fiscal year — a figure that is lower than some economists had expected but still much higher than what the last Liberal government said it would be before U.S. President Donald Trump launched his trade war.
Budget 2025 goes big on capital spending, deficit projected at $78.3B
Presenting a plan for major infrastructure and industrial investments intended to shape Canada’s future, Prime Minister Mark Carney’s first-ever federal budget focuses on driving economic growth, while projecting a deficit that is billions of dollars bigger than forecast a year ago.
Framed as a plan to create an economy “by Canadians, for Canadians,” the budget – titled “Canada Strong” – outlines how the government intends to steer the country through the current storm of uncertainty with “bold” capital investments, while reducing to day-to-day operational expenditures.
Liberal budget earmarks billions for ‘bold and swift action’ to meet U.S. disruption
Prime Minister Mark Carney’s first federal budget takes a big swing at making Canada’s economy a more attractive place to invest with billions of dollars for infrastructure and new tax opportunities for business.
TD Bank senior economist Francis Fong said Budget 2025 marks a departure from Liberal spending plans of the past, which would typically offer an array of smaller spending measures spread across various industries and demographics.
What’s missing from the Carney government’s first federal budget
“Let me be clear, Mr. Speaker, we are protecting the vital services Canadians rely on, including child care, dental care, and pharmacare,” Finance Minister François-Philippe Champagne said in his House of Commons speech introducing the budget.
Yet there’s no indication in the budget that there’s more money for the pharmacare program beyond the $1.5 billion over five years previously earmarked for the first phase project in 2024.
Owe Canada: Everything you need to know about Canada’s $1.28 trillion (and counting) federal debt
Ottawa’s fiscal position has been wobbling in recent years, with costs from the pandemic and now the trade war is taking a toll on federal finances. But just how big is the federal debt, how did we get here and how much should Canadians worry? The Financial Post’s Jordan Gowling breaks down everything you need to know about government debt in Canada.
Picture credit: DifferR / Adobe Stock
Welland pays $3.7M for two southeast properties to create 7th industrial park
The City of Welland has paid $3.7 million to create a 23-hectare business park that is expected to yield as many as 18 development-ready lots in the southeast.
In a news release, the city said the properties at 432 and 476 Ridge Rd. have the potential to support between 200 and 800 jobs once developed.
Picture credit: karegg / Adobe Stock
Grimsby launches Heritage Property Tax Relief Program
To further support designated heritage property owners, and in addition to the existing Heritage Property Grant Program, the Town is introducing the Grimsby Heritage Property Tax Relief Program.
Through this program, eligible owners of designated heritage properties may receive up to a 40% reduction in the Town’s municipal and the Province’s educational portions of their property taxes.
Picture credit: Algoma Central Corporation
Algoma posts $228M Q3 revenues in “milestone” quarter
“This quarter marked a milestone for Algoma with the delivery of the Algoma Legacy, the first of three next-generation, methanol-ready self-unloading vessels,” said Gregg Ruhl, President and CEO of Algoma Central Corporation.
Image credit: Darryl / Adobe Stock
Canada returned to approved list for Chinese group travellers
Canada on Tuesday welcomed its reinstatement to the approved travel list for groups of Chinese tourists by Beijing, which comes days after Prime Minister Mark Carney met with Chinese President Xi Jinping, hailing a “turning point” in the relations between the two countries.
Photo credit: IanDewarPhotography / Adobe Stock
CN Rail cuts spending, jobs amid tariff crunch, even as profits rise
Canadian National Railway Co. recently spelled out cuts to its workforce and capital spending as it wrestles with plateauing freight volumes caused by the cross-border trade war, even as it turned a tidy profit in its latest quarter.
The country’s largest railroad operator boosted net income five per cent year-over-year to $1.14 billion in the quarter ended Sept. 30. The increase stemmed partly from higher container shipments than in 2024, when a summer work stoppage shut down operations at both of Canada’s major railways.
Picture credit: Ievgen Skrypko / Adobe Stock
Pizza Hut’s parent company says it’s considering selling the chain
Yum Brands, Pizza Hut’s parent company, said Tuesday it’s conducting a formal review of options for the brand, which has struggled to compete in a crowded pizza market.
Yum CEO Chris Turner said Pizza Hut has many strengths, including a global footprint and strong growth in many markets. Pizza Hut has nearly 20,000 stores in more than 100 countries, and its international sales were up 2% in the first nine months of this year. China is its second-largest market outside the U.S.
Focus on Finance & Economy
Canada budget 2025: Five tax changes that you need to know about
Jamie Golombek / Financial Post
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
