Breaking down the 2025 federal budget

Prime Minister Mark Carney’s Liberal government has tabled its first budget with major spending aimed at driving economic growth and boosting Canada’s competitiveness but also cuts to various programs.  

Rebekah Young, Scotiabank’s Head of Inclusion and Resilience Economics, joins us to break down the key takeaways from the federal government's spending plan, what caught her eye, and what it means for Canada’s economy going forward.  

Read Rebekah’s full report on the 2025 federal budget - Balancing Boldness: Canada Tables Its Investment and Austerity Budget 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures 

Key moments this episode: 

1:01 - What is the headline for the federal budget? 

1:22 - What does this mean for the average Canadian – are they better off (or not) with the measures in this budget? 

3:00 - Rebekah breaks down some of the big-ticket items in the federal government’s $89.7 billion in new spending, and whether these investments will spur economic growth 

8:14 - Rebekah weighs in on whether the government’s expectation that the budget will unlock $1 trillion in investment in the Canadian economy is doable 

11:11 - What major spending cuts are in this budget? 

13:14 - Is the federal budget’s $78-billion deficit concerning or reasonable given the challenging circumstances? 

16:10 - Rebekah on whether the government’s spending plan is a step in the right direction 

17:32 - The three biggest takeaways from the federal budget for Canadians