Canada’s 2026 budget is here and it shaped up largely as expected - with the windfall from higher oil prices going back out the door to keep deficit projections flat…

… driving an increase in federal debt-to-GDP, which Ottawa forecasts will peak in 2028-29 before beginning to moderate (we’ll see).

There’s a few areas getting attention like defence, where total investment is expected to exceed $700B over the next five years - but new spending commitments of $11B were well short of last year’s $84B…

… as well as immigration, where targets for temporary and permanent residents were held flat to the Spring Update - with the addition of a PR grant to 200K current temporary residents.

Given there’s 523 pages to go through, we’ll take some time with it and come back with anything interesting we see at the sector or company level.

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