Finance Minister François-Philippe Champagne stated that Canada should brace for a significant investment as the federal government prepares its upcoming budget, scheduled for release in early November. The Conservative Party is currently assessing its position before deciding on support for the budget proposal.

In an interview on a Sunday morning program, Champagne likened the current situation to 1945, emphasizing the need for Canada to reinvent itself. "This is the moment where Canada needs to reinvent itself.... For me, it's more like a down payment in the future prosperity of Canada," he said.

Champagne has been laying the groundwork for what is anticipated to be an expensive budget. He argues that this investment is crucial for Canada to reduce its dependence on the United States, which continues to impose tariffs on Canadian goods. "We need to make generational investments in order to be less dependent, more resilient and bring prosperity across our nation," he explained. He noted that many of the costs incurred are a direct response to the evolving global economic landscape.

As Parliament reconvenes, Prime Minister Mark Carney faces scrutiny regarding how the fall budget will address the financial implications of recent government spending, which has resulted in a substantial deficit. Carney acknowledged that the deficit will be larger than the previous year, which was reported at $61.9 billion in December.

When asked about fiscal guidelines, Champagne assured that the Liberals plan to balance operational spending over the next three years and aim for a declining debt-to-GDP ratio. The government intends to reduce operational spending by 7.5% for the 2026-27 fiscal year, 10% the following year, and 15% in 2028-29.

Interim Parliamentary Budget Officer Jason Jacques expressed concerns about the government's lack of fiscal anchors. He stated, "I don't know if the government currently has fiscal anchors, which of course causes the people we work with considerable concern." He added that the full details would be revealed in the comprehensive budget document.

The budget is set to be presented on November 4, a date later than initially planned. Champagne explained that the delay aligns better with the parliamentary calendar, allowing members to spend time in their ridings.

Conservative House Leader Andrew Scheer indicated that his party will thoroughly review the budget before deciding on support. He highlighted that the last Liberal election platform projected a federal deficit of $62.3 billion for 2025-26, a figure he believes should be upheld.

Conservative Leader Pierre Poilievre also mentioned that his party would evaluate the budget based on the numbers presented.

To pass the budget, the Liberals will require cooperation from other parties. Champagne expressed hope that Parliament would work together, stating, "Canadians would expect this Parliament to work together" and emphasized the importance of unity during this critical time.