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Budget Adds $11.8B GST Credit, Deficit Falls to $66.9B

4/29/2026

Summary

Story summary

The budget adds a six-year GST credit expansion that will raise expenses by C$11.8 billion.
Finance Minister François-Philippe Champagne said the 2025/26 deficit will be C$66.9 billion, down from the C$78.3 billion forecast in November.
The government cut real GDP growth forecasts to 1.1 % for 2026 and 1.9 % for 2027, from 1.2 % and 2.0 %.
Pierre Poilievre, Conservative leader, called the plan ‘credit-card budgeting’ and urged suspending the gas and diesel excise tax pause.

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Story summary

The budget adds a six-year GST credit expansion that will raise expenses by C$11.8 billion.
Finance Minister François-Philippe Champagne said the 2025/26 deficit will be C$66.9 billion, down from the C$78.3 billion forecast in November.
The government cut real GDP growth forecasts to 1.1 % for 2026 and 1.9 % for 2027, from 1.2 % and 2.0 %.
Pierre Poilievre, Conservative leader, called the plan ‘credit-card budgeting’ and urged suspending the gas and diesel excise tax pause.