Canada’s fiscal pivot: Budget 2025 marks a capital reset

The real change is architectural. It’s less about trimming fat than resetting the bones of fiscal management, turning Budget 2025 from a spending list into a structural blueprint.

Capital allocation is disciplined and deliberate in Prime Minister Mark Carney's budget, write Ram Mathilakath and Greg MacDougall.The Hill Times photograph by Andrew Meade

Opinion

BY RAM MATHILAKATH, GREG MACDOUGALL

November 6, 2025

Canada is pivoting to a capital-intensive, productivity-driven economy, and Budget 2025 makes the contrast stark. Where Justin Trudeau’s last budget had 238 measures costing $69.6-billion in...

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