OTTAWA — April 10, 2025
Liberal leader Mark Carney has laid out a sweeping economic and defence strategy as part of his federal election platform, unveiling $130 billion in new spending aimed at boosting Canada’s economy, protecting key industries, and strengthening national security. Branded under the theme “Unite, Secure, Protect, Build,” the plan commits to running federal deficits until at least 2028-29, while promising a small operating surplus by the end of the term.
According to the breakdown, the projected deficits are as follows:
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2025-26: $62.3 billion
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2026-27: $59.9 billion
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2027-28: $54.8 billion
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2028-29: $47.8 billion
Despite these figures, the Liberals maintain that their plan will drive long-term economic growth and cushion Canada from the economic impact of tariffs imposed by U.S. President Donald Trump — whose name is referenced eight times throughout the platform.
Defence and Domestic Industry at the Forefront
A central pillar of Carney’s plan includes a massive $18 billion investment in Canada’s national defence, pushing the country on a trajectory to surpass its NATO spending targets by 2030. The funding will be used to modernize the Royal Canadian Navy with new submarines and icebreakers and to acquire “Canadian-made” early warning aircraft.
Carney also promises to prioritize domestic suppliers through a new “Buy Canadian” policy, applying to federal infrastructure projects and defence procurement. The goal: bolster Canada’s aerospace, steel, aluminum, and forestry sectors in the face of escalating trade disputes.
Protecting Canadian Farmers and Healthcare Access
Carney is drawing a hard line on protecting Canada’s supply-managed sectors, vowing that dairy, poultry, and egg industries will be off-limits in any future trade deals with the United States. “We’re standing with farmers, not bargaining chips,” Carney said at a campaign event.
On the health front, the platform allocates $5.4 billion over four years, including $4 billion earmarked for hospital and clinic construction and upgrades to health care infrastructure. While healthcare falls under provincial jurisdiction, Carney’s Liberals pledge to work closely with provinces to co-fund and fast-track these projects.
The platform also lays out plans to address Canada’s medical personnel shortage by expanding medical school and residency slots, opening new medical institutions, and accelerating the accreditation of foreign-trained professionals.
Political Landscape Shifts as Parties Release Platforms
Other federal leaders are also rolling out their visions for the country. NDP leader Jagmeet Singh is set to release his fully costed platform on Saturday in British Columbia, highlighting plans for a nationwide clean electricity grid and protection for Quebec’s energy autonomy.
Conservative leader Pierre Poilievre is expected to release his platform shortly, following the launch of his “New Canada First Economic Action Plan.” Former Prime Minister Stephen Harper recently endorsed Poilievre in a campaign video, underscoring the historical ties both Carney and Poilievre share with the Harper government.
Meanwhile, the Bloc Québécois has called for increased parliamentary scrutiny over international trade agreements, proposing legislation to require a House vote before ratification.
As Canada moves deeper into a federal election marked by economic uncertainty and cross-border tensions, voters face a stark contrast in visions for the nation’s path forward — one driven by state-led investments and domestic prioritization under Carney, and another awaiting definition from the Conservatives.
