The Carney government has released a $486-billion spending plan for the upcoming fiscal year, surpassing the Trudeau government’s final-year projection of $449-billion.
Additional funding for the CBC was among the things included in the new spending plan.
The main estimates presented to Parliament this week offer the first formal look at the new government’s spending priorities, though it falls short of a formal budget.
The $486-billion figure does not yet account for nearly $24 billion in additional spending from the Liberal campaign platform, nor the $74.1 billion in financial commitments outlined in the Trudeau government’s 2024 Fall Economic Statement.
When those are factored in, total projected federal expenditures for 2025–26 climb to $554.5 billion—even before accounting for any new programs or election promises.
The Conservative opposition pointed out that there are glaring omissions in the estimates.
No funds were allocated for the promised $3.5 billion Trade Diversification Corridors Fund, and the CBC’s budget is set to rise by just $42 million—well short of the $150-million annual boost Carney pledged on the campaign trail.
While the estimates reflect the cancellation of the consumer carbon price and rebate program—dropping consumer rebates from $11.67 billion last year to $3.5 billion this year—they provide no details on how much revenue the government collected through the carbon tax.
The Canada Carbon Rebate for small businesses will fall by $1.9 billion compared to last year.
The spending plan includes significant spending increases in certain departments.
The Department of National Defence is requesting $33.9 billion, with a capital budget increase of nearly 22 per cent to $10.9 billion.
The Department of Public Works and Government Services is seeking a 61 per cent jump in its capital budget, from $2 billion to $3.3 billion.
These estimates require parliamentary approval and are the first in a series of fiscal documents presented each year, followed by three supplementary estimates and the final Public Accounts of Canada.