Federal government releases economic update

The federal government has released new measures in the 2026 spring economic update.

The update projects lower deficits over the fiscal horizon and reaffirms the government’s commitment to its fiscal anchors, while continuing to invest in infrastructure, housing and workforce development.

Among the key measures is the creation of the Canada Strong Fund, described as the country’s first national sovereign wealth fund. The fund will invest in major Canadian projects and companies, with a retail investment component allowing Canadians to share in potential financial returns.

The government is also launching “Team Canada Strong,” a nationwide effort to recruit, train and hire between 80,000 and 100,000 skilled trades workers by 2030-31. The initiative is aimed at addressing labour shortages and accelerating the construction of homes and large-scale infrastructure projects.

Finance Minister François-Philippe Champagne said the update builds on the government’s recent budget and balances targeted investments with fiscal discipline.

“The Spring Economic Update 2026 builds on the momentum of our budget, combining strategic investments with sustained fiscal discipline to keep building Canada Strong for All,” Champagne said in a statement.

Update met with criticism

Conservative Leader Pierre Poilievre said, "This Liberal prime minister has now doubled the deficit that Justin Trudeau left behind from $31 billion to $65 billion."

The Canadian Taxpayers Federation is calling on Prime Minister Mark Carney to work harder to find savings as the fiscal update shows this year’s spending is already projected to be $6.5 billion over budget.