“Taxpayers need the government to be more affordable and that means the budget needs to cut taxes, stop the borrowing spree and stop the overspending,” said Franco Terrazzano, CTF Federal Director. “Prime Minister Mark Carney will lose credibility with taxpayers if his spending goes overbudget by billions.”

The federal government will release its budget tomorrow, on Nov. 5. The CTF released three taxpayer tests to score tomorrow’s budget:

Test 1: Does the budget stop the overspending?

Carney has repeatedly told Canadians his government will “spend less.”

However, Carney’s spending is on track to go overbudget by $13.5 billion.

In Budget 2025, the government said it would spend $588.5 billion this year. The Parliamentary Budget Officer now projects the government will spend $602 billion.

The CTF’s pre-budget submission identifies more than $60 billion in annual savings.

Test 2: Does the budget reduce debt interest charges?

Carney promised to “balance the operating budget by Budget 2028.” However, Carney plans to borrow tens of billions of dollars every year and taxpayers pay interest on every dollar the government borrows.

Debt interest charges are the federal government’s “fastest-growing expense,” according to the PBO. Debt interest charges “are projected to more than double from $24.5 billion in 2021‑22 to $59.3 billion” this year, according to the PBO.

Federal debt interest charges will cost each Canadian $1,419 this year.

Test 3: Does the budget cut taxes?

The government says its upcoming budget will focus on “making life more affordable for Canadians.”

The government can improve affordability in Budget 2026 by making its gas tax relief permanent, ending the undemocratic alcohol escalator tax, scrapping costly fuel regulations and eliminating the industrial carbon tax.

“The government has been wasting taxpayers’ money for years, but the biggest waste of money is the $1 billion a week going to pay interest on the debt,” Terrazzano said. “Carney needs to put down the credit card, pick up scissors and stop going overbudget because taxpayers can’t afford these debt interest charges.”

The CTF will also be available to the media to comment on the federal budget tomorrow.

For more information or to schedule interviews, please contact:

Franco Terrazzano
CTF Federal Director
Phone: 403.918.3532
Email: [email protected]