BUDGET 2026: What Canadians and experts are saying
On November 5, 2026, Mark Carney's Liberal government presented Budget 2026, promising to strengthen Canada's economy and improve affordability.
But Canadians are still struggling with the cost of groceries, housing, gas and everyday expenses.
Small-business organizations, independent fiscal watchdogs, economists and industry commentators have raised serious concerns about the government's approach to spending, debt, affordability and immigration.
From small businesses feeling left behind to mounting federal debt and growing pressure on Canada's infrastructure, here is what independent organizations and experts are saying.
SMALL BUSINESSES: CFIB CALLS THE BUDGET A MAJOR DISAPPOINTMENT
The Canadian Federation of Independent Business (CFIB), which represents more than 100,000 small and medium-sized businesses across Canada, delivered a particularly critical assessment of Budget 2026.
Dan Kelly, President of CFIB – November 5, 2026
"If you are a small business owner struggling to keep your business going in the face of rapidly rising costs and a trade war, the budget will provide you with no help whatsoever."
Kelly also criticized the government's failure to provide meaningful tax reductions and tariff relief.
CFIB had called on the government to:
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Reduce the federal small-business tax rate from 9% to 6%.
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Provide meaningful tariff relief for affected businesses.
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Fix existing tariff support programs.
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Reduce the financial pressures facing independent businesses.
The organization pointed out that businesses with less than $1 million in annual sales do not qualify for existing tariff support programs, despite Canada having collected more than $14 billion in counter-tariff revenue.
CFIB's position is that the government has focused on major projects and investment incentives while leaving many Main Street businesses without the immediate support they need.
Read the original reaction:
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CFIB: 2026 Federal Budget Is Mega Disappointing for Canadian Small Businesses
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Ottawa Business Journal: Federal Budget Draws Mixed Reviews from Business Groups
CANADA'S DEBT: THE PARLIAMENTARY BUDGET OFFICER RAISES CONCERNS
The Parliamentary Budget Officer (PBO), Canada's independent fiscal watchdog, has raised serious questions about the government's approach to borrowing and how it measures its fiscal position.
In its October 2026 Economic and Fiscal Outlook, Parliamentary Budget Officer Annette Ryan warned:
"A balanced operating budget anchor should not be interpreted as a balanced fiscal position."
The PBO explains that the government's operating-budget target excludes debt-financed capital spending. This means the government can meet its operating-budget target while continuing to borrow and increase overall debt.
The PBO's October outlook projected:
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$333.3 billion in cumulative deficits over five years.
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$732.9 billion in federal borrowing over five years.
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Federal debt-to-GDP rising from 40.8% to 42.6% by 2030–31.
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Federal debt charges reaching $83 billion by 2030–31 under its pre-budget forecast.
The PBO also cautioned that federal borrowing will significantly exceed the accumulation of reported deficits because of capital investments, loans and other financial assets.
Canadians need a complete picture of how much the federal government is borrowing, how much debt it is accumulating and how much taxpayers will ultimately pay to service that debt.
Read the original analysis:
ECONOMIC POLICY: IS CANADA REPEATING THE SAME MISTAKES?
In a Financial Post opinion piece, Jake Fuss of the Fraser Institute examines the economic approach behind Budget 2026 and questions whether the government's policies will address Canada's underlying productivity and competitiveness challenges.
The commentary examines the government's continued reliance on spending, investment incentives and its approach to economic growth.
The broader concern is whether more government spending and new tax incentives will address the structural problems facing Canadian businesses and the economy.
Read the commentary:
Financial Post: Carney's Federal Budget 2026 – Same Playbook for More Than a Decade
The C.D. Howe Institute graded it as a "D", saying:
"For anyone hoping that the federal budget would signal a much-needed turn in economic and fiscal policy, the very appearance of the document is a warning. To limit the erosion of Ottawa’s fiscal position, Canadians needed a credible path to a balanced budget. The budget gives us nothing of the kind. Its baseline shows a remarkable windfall — a dramatically smaller deficit than projected in last spring’s fiscal update. But the budget, like its recent predecessors, spends the windfall to produce almost the same deficit and debt profiles as in the spring update. These deficits signal that Ottawa’s capacity to deliver services in the future is deteriorating. Not what Canadians need."
Read the article here:
C.D. Howe Institute - We Give the Federal Budget a "D"
IMMIGRATION: ARE TARGETS DISCONNECTED FROM CANADA'S CAPACITY?
Budget 2026 maintains annual targets of:
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380,000 permanent resident admissions.
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370,000 new temporary resident arrivals.
It also proposes a one-time measure allowing up to 200,000 temporary residents already in Canada to transition to permanent residency.
Conservative Immigration Critic Michelle Rempel Garner raised concerns in a November 6 interview with CP24 about immigration targets being disconnected from Canada's infrastructure realities.
Canada is already facing significant challenges with housing affordability, health-care access and infrastructure capacity. Immigration targets must take these pressures into account.
The question is whether the government has a realistic plan to ensure population growth is matched by the homes, services and infrastructure Canadians need.
Watch the interview:
CP24: Budget 2026 Immigration Targets Completely Unmoored from Infrastructure Realities
THE COST OF LIVING: CANADIANS ARE STILL STRUGGLING
The federal budget comes at a time when food insecurity and financial pressures remain major concerns for Canadian households.
According to Food Banks Canada's 2026 HungerCount reporting, food banks recorded approximately 2.35 million visits in March 2026, a record high.
Food bank use has more than doubled since 2019.
These figures highlight the scale of the affordability challenges facing Canadians.
Families are struggling with the cost of groceries, housing, transportation, insurance and other basic necessities.
The question is whether the government's economic plan is delivering meaningful improvements for people who are struggling to make ends meet.
Read more:
WHAT THE NUMBERS SAY
Some of the most important figures in Budget 2026 deserve a closer look.
2026–27 federal deficit: $62.3 billion
2030–31 federal deficit: $52.9 billion
Federal debt charges by 2030–31: $85.5 billion
Annual permanent resident target: 380,000
Annual temporary resident arrival target: 370,000
One-time temporary-to-permanent residency measure: Up to 200,000
Government capital investment ambition: $400 billion over six years
These are the government's budget projections and announced targets.
The numbers raise important questions about the long-term cost of borrowing, the government's ability to deliver its investment promises and the pressure continued population growth places on communities.
READ THE ORIGINAL REPORTS AND ANALYSIS
Canadians should be able to examine the budget and the independent commentary for themselves.
Official budget documents
Independent fiscal analysis
Business and economic commentary
THE BOTTOM LINE
Canadians were promised an economy that would work better for them. But small businesses are asking where their support is, the Parliamentary Budget Officer is raising questions about government borrowing, and families are still struggling with the cost of living.
Budget 2026 is full of spending commitments and ambitious promises. Canadians deserve to know who is paying for them, whether they will deliver results and what the consequences will be for the country's economic future.
Read the numbers. Hear what the experts are saying. And decide for yourself.