Morning Update: Five highlights from the economic update
The federal government released its spring economic update, highlighting a reduced deficit forecast of $66.9 billion for 2025-26 due to stronger economic growth and higher oil revenues. It plans over $54 billion in new spending and tax breaks over six years, including $6 billion aimed at training skilled trades workers. The update reflects efforts to boost infrastructure and housing amid economic and geopolitical uncertainties.
- ▪The 2025-26 deficit forecast is $66.9 billion, $11.5 billion lower than the previous projection.
- ▪Ottawa plans to spend over $54 billion on new initiatives and tax breaks over six years.
- ▪A $6-billion investment aims to train 80,000 to 100,000 Red Seal-certified skilled trades workers by 2030-31.
- ▪Stronger-than-expected economic growth in late 2025 and rising oil prices contributed to improved fiscal projections.
- ▪The government links skilled trades training to national infrastructure and housing development needs.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountGood morning. Ottawa’s spring economic statement includes new funding, deficit updates and a few spending surprises. More on that below, along with the King’s U.S. state visit and courting favour with Eritrea. But first: Today’s headlinesAn Indian company has been authorized to sell the first generic Ozempic in CanadaU.S. Department of Justice indicts former Fauci adviser for hiding e-mailsThe exit of the United Arab Emirates marks a blow to OPEC’s power.
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