Finance Minister Champagne confirms no budget before summer as Parliament returns May 26
Finance Minister François-Philippe Champagne confirmed that the Liberal government will not table a federal budget before the House of Commons rises in June, as reported by CBC News.
Instead, the government will focus on passing legislation to implement a promised tax cut by Canada Day, followed by a throne speech and a fall economic update.
According to Champagne, “The first action being taken by the government is to bring in a tax cut.”
He added that the government will next outline its priorities for the upcoming Parliament, followed by an economic update in the fall, calling the sequence “very clear and very logical.”
He said the government is taking a “step-by-step” approach to its legislative agenda before the summer recess.
As reported by Reuters, the government typically tables its annual budget in the first quarter, followed by a fall economic statement in the last quarter.
However, no budget was presented this spring due to the April 28 election and the proroguing of Parliament in late March.
The last fiscal update was presented in December under former Prime Minister Justin Trudeau.
Champagne told CBC News Network’s Power & Politics that the fall economic statement would be “substantive,” explaining that he didn’t want to rush the financial projections.
“Hopefully by then there’ll be less uncertainty that we need to factor into… I want to be straight with Canadians and give them the best possible picture that I can,” he told host David Cochrane.
Champagne stated, “Canadians have seen the priorities we have outlined during the campaign. Priorities are not going to be different.”
He also said the government’s focus is on ensuring the tax cut and the throne speech are completed before the summer.
According to Reuters, Conservative Leader Pierre Poilievre criticized the government’s decision not to present a full budget.
“Now, in the face of serious economic threats, the Liberals don’t intend to present a budget this year. There is no roadmap forward, no economic vision, and no willingness to lead,” Poilievre posted on X.
During last month’s federal election, one of Mark Carney's most common slogans was "a plan beats no plan." Conservatives wholeheartedly agree. That's why it is so unacceptable that, today, Carney confirmed that he, in fact, has no plan and the government will not table a budget.…
— Pierre Poilievre (@PierrePoilievre) May 14, 2025
He added, “The Liberal government is walking away from their responsibilities. After months of building expectations and promising serious leadership, Carney announced he will deliver nothing.”
He further stated, “Canadians were told that Mark Carney, the supposed serious economist, would bring competence and clarity. Instead, we're getting delays and dysfunction.”
Scotiabank economist Rebekah Young, called for increased fiscal transparency given current economic uncertainties, including the ongoing US trade war.
“One could argue that the more uncertain the time is, the more useful it is to provide that kind of transparency,” she said.
Young also noted that provinces have expressed concern over tariff impacts and have planned contingency measures.
She added that Prime Minister Mark Carney’s election platform already included a detailed spending plan and that many priorities can be advanced through legislation without a full budget.
According to CBC News, although a budget will not be tabled this spring, the government is still required to present main and supplementary estimates.
These are part of the legislative process to secure funding for initiatives not yet covered or in need of additional funds.
Main estimates, typically tabled in March, have not yet appeared this year due to the absence of a sitting Parliament. The next deadline for supplementary estimates is in June.
The House of Commons is scheduled to return on Monday, May 26, with the throne speech to follow on May 27. Meanwhile, Ontario’s government is expected to present its budget on Thursday.
Although this year’s election has delayed the federal budget process, past governments have proceeded with budgets post-election — such as former Prime Minister Stephen Harper’s government, which tabled a budget in June 2011 despite an election in May.
The last time a federal budget was not tabled was in 2020, during the onset of the COVID-19 pandemic.
