Canada's upcoming budget to prioritize affordability and cultural sovereignty, says Finance Minister Champagne

Finance Minister François-Philippe Champagne told reporters at the Montreal shoe-maker Pajar that the federal budget will centre on affordability and cultural sovereignty as Canada seeks a more independent economy. He said the government aims to help businesses by expanding trade opportunities and highlighted previously announced measures such as a $36 billion five-year Productivity Mega Deduction, an extension of the federal gas-tax cut and a $2 billion rebate program for homeowners installing electric heat pumps.

"Affordability is top of mind. If we go in the streets, it’s the price of rent, the price of foods, the price of gas. That’s a reality for Canadians," Champagne said.

He added that the budget, titled “Masters of Our Destiny,” will focus on resilience, opening new markets and encouraging Canadians to buy Canadian products. Cultural groups are awaiting further funding details, after a $600 million annual commitment to audio and audiovisual sectors was announced in June.

Conservative leader Pierre Poilievre called cost-of-living relief a priority, stating, "Job one for the budget is to save you money."

The budget is also expected to provide more information on the Canada Strong Fund, a proposed $25 billion sovereign wealth fund, and on plans to allow greater private investment in public assets such as airports. Economists anticipate a short-term revenue boost from higher energy prices but do not expect a significant reduction in the federal deficit, which the Parliamentary Budget Officer projects at $63.3 billion for the current fiscal year and $70.2 billion for the next.