Politics · Canada · 4 hrs ago
Canada’s budget to address tax challenges for small businesses, Champagne says
Finance Minister François-Philippe Champagne says Canada’s budget will address small-business tax challenges when it is presented on Thursday, Nov.
5.
The budget is the second under Prime Minister Mark Carney, whose government wants to strengthen Canada’s domestic economy and reduce reliance on the United States.
Champagne said complex tax rules can make investment harder for smaller firms, especially when they need advisers to understand their options.
He did not give specific details, but said the government is considering changes to a research and development tax program.
The budget will include a $36 billion productivity mega-deduction over five years, allowing eligible businesses to write off the full cost of some investments in the first year.
The Canadian Federation of Independent Business has urged Ottawa to lower the small-business tax rate and fix gaps in tariff relief, while Champagne says the budget will aim to simplify business rules.
Finance Minister François-Philippe Champagne said the federal budget due Thursday will focus on building Canada’s economy and trade, rather than the U.S. trade war.
He said the government wants to invest in growth, strengthen Canada’s economic sovereignty, support Canadians and diversify trade.
The budget is expected to address domestic industries, defence spending and affordability concerns.
Champagne spoke at a pre-budget event at the Canadian Club of Toronto on Monday.
His remarks came as Canada and the United States signalled that trade discussions could resume.
- Who
- Finance Minister François-Philippe Champagne previewed the budget.
- What
- He said it would focus on building Canada’s economy and trade, rather than the U.S. trade war.
- When
- Monday, November 2, 2026. The budget is scheduled for Thursday.
- Where
- At a pre-budget event at the Canadian Club of Toronto.
- Why
- The government aims to build and invest in Canada’s economy, strengthen its sovereignty, support Canadians and diversify trade.
This story does not have two clearly opposing sides.
Talks between Canada and the Trump administration broke down.
Prime Minister Mark Carney said he had a “good” discussion with U.S. President Donald Trump about trade.
Champagne previewed the budget at a Canadian Club of Toronto event.
Champagne is scheduled to deliver the federal budget.
- Budget delivery
- Thursday
- Pre-budget event
- Canadian Club of Toronto
- Budget focus
- Building Canada’s economy and trade
- Trade talks
- Broke down in late August
- Defence spending
- The government plans a dramatic increase
4 sources
What people are saying
It’s about us, not the U.S.
Whatever may happen in these discussions (around Canada-U.S. trade), we will see. But one thing is true, everything I just said that we need to do for ourselves.