Business leaders are eagerly awaiting the upcoming federal budget, hoping that Prime Minister Mark Carney’s government will address various issues such as the investment environment, tax relief, and improved access to capital. While recognizing the government’s budget constraints, Canadian industrialists believe that supporting businesses can boost economic growth and enhance Ottawa’s fiscal position.
The Business Council of Canada’s Senior Vice President of Policy, Theo Argitis, emphasized the importance of initiatives that attract private sector investment and reduce uncertainty for businesses. The federal Liberals are set to present the budget on Nov. 4, aiming for a balance between cost-cutting measures and investments to revive an economy impacted by U.S. tariffs.
According to the parliamentary budget officer, Ottawa’s annual deficit is projected to increase significantly to $68.5 billion this year. Dan Kelly, President of the Canadian Federation of Independent Business, is looking for tariff relief measures in the budget to support small businesses, emphasizing the need for broad-based support over complex subsidy programs.
In the tech industry, access to capital is a key concern. Benjamin Bergen, President of the Council of Canadian Innovators, highlighted the need for reforms in the Scientific Research and Experimental Development tax incentive program to streamline processes and direct funding to domestic firms. Additionally, the defense spending hike raises questions about its impact on the domestic defense tech industry.
The Mining Association of Canada has urged the government to strengthen the mining sector, enhance domestic supply chains, and increase capital funding for mining projects. The budget is also expected to address regulatory reforms to expedite future mines and boost Indigenous participation in the mining industry.
Despite the budget’s significance, the renegotiation of the Canada-United States-Mexico Agreement (CUSMA) looms large as another crucial issue. The agreement exemptions shield most Canadian goods from U.S. tariffs, but industry-specific duties continue to affect certain sectors.
As anticipation builds for the budget release, stakeholders across various industries are eager to see how the government will address these pressing economic concerns.