Canada PM Mark Carney unveils budget to strengthen economy

The promotion of economic independence and reduced reliance on the U.S. That was the resounding message behind Canada's latest budget, unveiled by Finance Minister François-Philippe Champagne in Parliament on Thursday. The moment in front of us, Mr. Speaker, is serious. Canadians know it. Our new government knows it. The moment demands an ambitious plan to be masters of our own destiny. The Masters of Our Destiny budget is Prime Minister Mark Carney's second since taking office last year, and comes just two days after President Donald Trump suffered a sweeping defeat in the US midterms. While Democrats have already signalled their intention to ease Trump's trade war with Canada, Carney's budget does not envisage a return to dependence on the US market. In extraordinary times, the rules we counted on no longer seems to hold. The global trading system that brought stability for decades is being rewritten. Wars and geopolitical competition are reshaping supply chains. Artificial intelligence is transforming our economies at breakneck speed. The budget details a new tax incentive, dubbed the Productivity Mega-Deduction, which will see companies pay around 60% less tax on the return from a new investment made in Canada than they would on the same investment made in the United States. Elsewhere, it outlines plans for Canada's first-ever sovereign wealth fund, as well as containing measures for businesses and workers impacted by tariffs.