The federal Liberal government will present its spring economic update on April 28, offering Canadians a fresh look at the country’s finances during a period of rising global instability and economic pressure.
François-Philippe Champagne announced the date in the House of Commons, saying the update will outline the government’s next economic steps one year after the election that returned the Liberals to power.
The announcement comes just one day after Prime Minister Mark Carney and the Liberals secured a parliamentary majority, giving the government greater ability to pass legislation more quickly.
The fiscal statement is expected to draw significant attention as Canadians deal with higher fuel and energy costs linked to the ongoing conflict involving Iran and disruptions to global oil flows through the Strait of Hormuz.
Earlier the same day, Carney announced a temporary suspension of the federal excise tax on gasoline, diesel, and aviation fuel, signalling that affordability measures are likely to be part of the broader economic package.
Champagne told Parliament the upcoming plan is intended to support families, businesses, and the country’s long-term economic resilience.
Canada changed its budget cycle last year, ending the long-standing practice of a spring federal budget. Instead, the full budget now arrives in the fall, while the spring statement functions as a smaller fiscal and policy update.
The most recent federal budget projected a deficit of $78.3 billion for the fiscal year ending March 31, with another deficit of more than $65 billion forecast for the current year.
With inflation concerns, energy volatility, and trade tensions still in focus, the April 28 update will be seen as an important test of how the Carney government plans to balance economic relief with fiscal discipline.