Ottawa’s spring economic update set for April 28

Finance Minister François-Philippe Champagne says the federal government will table its spring economic update on April 28.

It is expected to show how Canada’s fiscal position has evolved since the 2025 budget was tabled last fall, and how global shocks like the war in Iran are affecting the federal government’s forecasts.

In November, the Liberals projected the federal deficit would rise to $78.3 billion in the last fiscal year, with smaller deficits to follow through to 2030.

That spending plan promised to shrink the deficit as a share of GDP and balance the operating side of the budget within three years, but abandoned the previous fiscal anchor of a declining debt-to-GDP ratio.

Prime Minister Mark Carney has pledged to trim day-to-day government expenses and ramp up spending on defence, infrastructure and home building as part of a broader move to reduce reliance on the United States.

The spring economic update will also factor in promises made since the fall, including a boost to the GST benefit and a new plan to waive the federal fuel excise tax until Labour Day.

This report by The Canadian Press was first published April 14, 2026.

By Craig Lord | Copyright 2026, The Canadian Press. All rights reserved.