The table is set for major strides in Carney’s nation-building agenda—with Alberta’s referendum put to bed, and provincial elections in British Columbia and Quebec wrapped up, Federal Finance Minister François-Philippe Champagne is poised to present Masters of our Destiny, the government’s second fiscal plan, on November 5.
Canada’s nation-building agenda: Accelerating major projects and investment
By all measures, Prime Minister Mark Carney is rapidly bulldozing through the regulatory irritants and bureaucratic drag that industry leaders have long described as barriers to project approvals and investment certainty.
In a first-ever move, Carney showcased the country’s project roster to the global business community earlier this fall with an Investment Summit. Further demonstrating the single-mindedness of the Prime Minister’s intent, in the last year and a half, Carney has launched a new Major Projects Office, established both a Super Productivity Deduction and new Mega Productivity Deduction, reduced the industrial carbon tax and slowed its increase, passed the One Economy Act, and is now pushing changes through Parliament to the Impact Assessment Act through Bill C-39, Building Canada Strong Act.
Yet, still more is expected—and indeed, needed—of the federal government. With the continued uncertainty surrounding Canada’s trading relationship with the U.S., new and complex geopolitical conflicts, and a relatively soft market, corporate executives are looking for even more guardrails from governments to act in response to the call for generational investments in Canada’s energy and resources sectors.
For organizations in the social and health spheres, there is pent-up demand for clarity on the path forward for a laundry list of funding arrangements. Leading health stakeholders joined provincial and territorial health ministers earlier in the month to draw attention to expiring bilateral agreements, worth billions to health systems. Similarly, housing, education, and social funding agreements are up for renewal.
Budget 2026: Competing priorities and growing pressure for federal funding
Competition for political attention, and more importantly, budget investment, is at an all-time high. The House of Commons Finance Committee received over 1,300 submissions as part of its pre-budget consultations. Budget 2026 will see the federal government balancing significant pressures for new and renewed funding while seeking to maintain its guardrails. PBO’s latest Economic and Fiscal Outlook forecasts soft growth for the GDP and increasing debt for federal coffers.
Why political timing matters for Canada’s investment landscape
Momentum needs to be maintained—but a vision this ambitious cannot be driven by our political leaders alone. As the Eagles put it, “everything can change in a New York minute,” and so too in politics. Not only are we living in a dynamic geopolitical context, but the next federal election is already only two years out.
Meaning, in one year the focus will be shifting to campaign readiness. For energy project hopefuls in Alberta, relief emerging from the referendum may be short-lived as the province heads into its own election in a year’s time. Companies need to be laser-focused on the primary hurdles to their next investment decision gate, presenting turnkey policy asks, and doing the heavy work with stakeholders, provinces, and constituents to clear the path to approval.
Not an easy task, but the potential dividends at this time are well worth the effort. Now more than ever, the public affairs strategy matters.
NATIONAL’s team of public affairs experts will provide insights following the release of Budget 2026 and advise our clients on how to seize this moment.
