‘Masters of our destiny’: Everything you need to know about the 2026 federal budget

The Liberal government has tabled its 2026 federal budget, titled “Masters of our destiny.”

Here’s everything you need to know about the feds’ spending plan.

Some major points of concern for many Canadians have been affordability and sovereignty.

And Carney’s government is responding to those worries.

As part of the groceries and essential benefit, the feds are introducing a one-time 50 per cent increase for the 2027-28 benefit year.

They say this will provide up to $339 for a single person without children, and up to $679 for a family of four.

Adding to this, 44.7 billion dollars has been committed to housing, in a spending package spread over the next 11 years. The goal is to expand non-profit and co-op housing.

This comes as part of an ambitious plan to end homelessness within 10 years.

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A productivity mega-deduction is also being established.

In response to the ongoing trade war, the government aims to lower the marginal tax rate on new business investment from 13 per cent to 6.4 per cent.

Carney’s government says this will encourage business investment and expansion, as well as increase productivity.

Ottawa is also establishing the Digital Safety and Data Protection Commission of Canada, with $176.6 million over five years being put towards it.

That commission would enforce the feds’ nationwide ban on social media for kids under 16 and take over private-sector digital privacy regulation.

And defence and military spending has not been forgotten.

Seven-point-six billion dollars is being put towards Canada’s operation to deter Russian aggression on NATO’s eastern flank.

They’re also dedicating six billion dollars over 10 years for CSIS, Canada’s security intelligence service.

This is all part of Canada moving well beyond NATO’s two per cent of GDP spending target. Canada has committed to reaching five per cent of GDP by 2035.

With 142.1 billion dollars in fresh spending announced, the federal deficit is projected to hit 62.3 billion dollars for 2026-27.

WATCH MORE: Housing, affordability, tariffs among issues tackled in 2026 federal budget