Business leaders are eagerly anticipating the upcoming federal budget, hoping that Prime Minister Mark Carney’s administration will address various issues such as enhancing the investment climate, providing tax relief, and facilitating better access to capital. While acknowledging the government’s budget constraints, industrialists in Canada believe that supporting businesses can stimulate economic growth and improve Ottawa’s financial standing.
The Business Council of Canada’s Senior Vice-President of Policy, Theo Argitis, emphasized the importance of initiatives that attract private sector investments and create a more favorable environment for businesses. The federal budget, scheduled for release on November 4, is expected to focus on a mix of cost-cutting measures and investments to support the economy amid challenges posed by U.S. tariffs.
According to the parliamentary budget officer, Ottawa’s annual deficit is projected to rise significantly to $68.5 billion this year. Dan Kelly, President of the Canadian Federation of Independent Business, highlighted the need for tariff relief measures in the budget, emphasizing the importance of broad-based support for small businesses.
In the tech industry, the Council of Canadian Innovators President, Benjamin Bergen, stressed the importance of improving access to capital, particularly through reforms to streamline the Scientific Research and Experimental Development tax incentive program. Additionally, attention is drawn to potential defense spending increases and their impact on fostering a domestic defense technology industry.
The Mining Association of Canada has urged the government to strengthen the mining sector by enhancing capital funding for projects, streamlining processes, and promoting Indigenous participation. As discussions surrounding the federal budget continue, concerns arise regarding the upcoming review of the Canada-United States-Mexico Agreement and its implications on trade relations.