The federal budget is coming. Here's how to find the important stuff among hundreds of pages - National Post

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Copy URL Facebook Linked In X (Twitter) Loading account options Sign In Manage Account Close account menu Sign Out By Mick Gzowski November 1, 2026 at 9:38 a.m. Prime Minister Mark Carney’s first budget in 2025 tilted the scales at a fleshy 406 pages. If you’re economically fascinated and the pundit parade, breaking news and deep dive features aren’t in-the-trenches enough for you, we present a video guide to reading this year’s Budget 2026. Up until last year, these things arrived in the Spring like tulips. But this one is due to be released on Nov. 5. What can we expect from it? Let’s spell it out.

Budget 2025 was titled Canada Strong. Before the cover page for Budget 2026 was released on Oct. 29, we cheekily predicted that this year’s title would be either the Carney catchphrases Controlling What We Can or Canada Strong Elbows.

Governments need to carefully consider the stock photo on the cover. Is it Canadian? Is it legit? Mistakes have been made.

Under leader Jagmeet Singh, the NDP stumbled into controversy for releasing a video with stock footage of seniors at a computer that was actually Russian in origin.

Eleven years ago, the Canadian Space Agency was busted photoshopping a Canadian logo onto a photo of the International Space Station’s Canadarm.

Something that hopefully won’t be on the cover are these faux iconic Canadian stereotype photos created for free use by the Canadian Internet Registry Association or CIRA if properly credited.

So here is the cover they’ve actually chosen, and they chose well. The stock photo shows transmission lines from the Churchill Falls Generating Station in Labrador.

First off, there are always pages and pages of platitudes and promises that, while they do contain some figures, are enough wind to power a turbine project. You can read it if you enjoy reading press releases, but the real action is in the tables.

Jump right to the summary tables and focus on the main fiscal overview. This is where you’ll find the headline numbers of revenues, expenditures and whether we’re in surplus or deficit. Spoiler: It’s going to be a big deficit. That will make 2027 the 12th year of deficit in a row since the Liberals took power in 2015.

The Finance Minister has promised a balanced budget by 27-28. His spring fiscal update said we were ahead of fiscal goals because of revenues resulting from surging oil prices thanks to the war in Iran .

Then check out the government’s economic assumptions. Focus specifically on the economic growth forecasts (such as GDP growth, inflation, and interest rate projections) that underpin the budget. If the government assumes a stronger economy than independent forecasters do, you might catch a whiff of the sour smell of overly — BULLish optimism.

Next, look for some cuts or quiet sunsetting of previously announced programs. Both the carbon tax and the digital services tax, for example, are on their way out after they were cancelled this year. Finance ministers often find it convenient that it’s harder to spot something they’ve quietly removed — and this requires detective work.

The book begins with a summary and then breaks up into chapters on fiscal priorities. Read the “roll up” table at the end of each section to scan where and when money is being spent. Because you’re looking at just numbers, there’s no spin possible. Advance reports suggest the Foreign Affairs department and the Canada Mortgage and Housing Corporation are targeted for big cuts.

Also watch out for programs that will require legislative changes to be enacted. With the Liberals now having a majority government this budget will get passed with few revisions, but any other legislation required will slow implementation of new programs.

Finally, look out for money that’s promised but is not going to flow for a few years. Priorities change so that money might be allocated elsewhere in the coming days. Also, keep your eyes out for the rebranding of old announcements as shiny new ones. Last year Interchange Canada became the Build Canada Exchange — but it wasn’t much more than a new name.

But if you’re more of the mind to let one of our reporters or analysts do the heavy lifting for you, know that the National Post will have you covered.

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