It’s been more than 100 days since Prime Minister Mark Carney named a new cabinet for what he called a generational challenge. But a lot of promises haven’t been kept yet, while the government says there is more to come. Today we’ll break down what that means for your personal finances, so far, and what’s still in the pipeline that’s worth keeping an eye on.
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In the news
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On our radar
- Watching: The Canadian tourism industry was counting on a summer boom. So far, the signs are encouraging.
- Yesterday: The digital tokens backing the Trump family’s cryptocurrency venture, World Liberty Financial, fell in value on Monday in their first day of trading.
- Today: Data to be released on U.S. and Canadian vehicle sales for August.
Looking back at our election Personal Finance Platform Tracker 2025Photo illustration The globe and mail. Source images Getty Images/Getty Images
In focus
More to consider for your end-of-year budgeting
Carney became Prime Minister at a perilous time for Canada. U.S. President Donald Trump’s tariff threats were in full force, leaving the markets in turmoil and investors facing an incredible amount of uncertainty.
This, plus cost-of-living concerns, had Canadians on the edge of their seats, waiting to see what Carney’s leadership would mean for their pocketbooks. Shortly after the federal Liberals won the general election in April, reporters Meera Raman and Mariya Postelnyak wrote a story breaking down what this meant for Canadians’ personal finances.
I’m Pippa Norman, The Globe’s innovation reporter. Today, I’m going to follow up on their coverage.
Seniors and retirement
The relief measures that the Liberals promised retirees are coming, said Stephanie McLean, Secretary of State for Seniors, in a recent interview.
Proposed temporary policy changes, including a 25-per-cent reduction in mandatory registered retirement income fund withdrawals and a 5-per-cent increase to guaranteed income supplement payments, will come into effect. However, the federal government has yet to commit to a timeline for this.
Taxes
A promised middle-class tax cut was enacted by the federal government on July 1. Ottawa estimates it will save two-income families up to $840 a year.
Bill C-4, which includes the amendments to the Income Tax Act outlining this tax cut, is stalled after its second reading and is yet to become law. However, the tax changes can proceed because they were supported in an earlier vote by MPs.
Housing
Check out real estate reporter Rachelle Younglai’s update on Carney’s housing policies.
Rachelle talks about some progress in trying to get the new federal housing entity, Build Canada Home, up and running. It is supposed to build homes en masse and provide financing to developers. Though still a concept, Carney wants BCH to help double the country’s pace of homebuilding to 500,000 housing units a year.
Cost of living
Carney promised additional funding for home retrofits and incentives for lowering utility bills.
Yet, in a few months, the federal government’s existing retrofit loan initiative, the Greener Homes Loan Program, will run out of funds. Advocates from organizations such as Efficiency Canada are calling on Ottawa to invest more money into the program as part of its fall budget.
In the food sector, agriculture reporter Kate Helmore said industry is anticipating announcements of regulatory cuts and investment from Ottawa. Farmers and industry associations are curious about how the federal government’s plans to invest in port infrastructure will impact trade and, consequently, the cost of food for consumers.
Job skills and training
The Liberals proposed a new grant of up to $8,000 to help cover training costs for skilled trades workers. They also promised to double the funding for the Union Training and Innovation Program from $25-million to $50-million annually and provide up to $15,000 in job training support for workers in key sectors.
Announcements are about as far as these promises have gone so far. But, a fresh budget might provide some concrete answers on whether these funds will materialize.
Childcare
Carney promised to keep and improve upon several existing initiatives, such as the $10-a-day early learning and childcare program. More specifically, he promised 100,000 new spaces by 2031 and 35,000 jobs for childcare workers.
But first, Carney has some work to do to help the program meet a goal (set by Justin Trudeau’s government) of being implemented countrywide by 2026.
According to a recent report by the Canadian Centre for Policy Alternatives, only six provinces and territories are currently meeting that fee target.
In conclusion …
It could be worth putting off some of your budget planning in anticipation of any fall announcements. And instead of thinking of it as procrastinating, you can just call it “being strategic with your money.” 😉
Charted
Job market flatlines
Canada’s job market is dipping as the trade war takes its toll, with payroll employment growing by only 0.2 per cent annually in June, according to Statistics Canada.
On an annual basis, health care and public administration have driven the vast majority of Canada’s meagre job gains. However, the number of job vacancies in health care fell 22,000 from the year before, the biggest decline of any sector.
Bookmarked
On our reading list
Commuting time: Are you being asked to return to office? Here’s how to budget for the extra costs.
Screen time: Forget the nostalgia for our “golden summers.” Parents need to rethink how to navigate our screen-obsessed reality.
Lunch time: Adolescent boys are the most expensive Canadians to feed. The Globe asked three how they eat.
Morning update
Global markets were lower as investors awaited economic data this week that could reinforce expectations for a U.S. Federal Reserve rate cut this month.
Wall Street futures were in negative territory, while TSX futures followed sentiment lower after Canada’s main stock market closed at another record high on Friday.
Overseas, the pan-European STOXX 600 was down 0.68 per cent in morning trading. Britain’s FTSE 100 fell 0.35 per cent, Germany’s DAX dropped 1.12 per cent and France’s CAC 40 edged up 0.06 per cent.
In Asia, Japan’s Nikkei closed 0.29 per cent higher, while Hong Kong’s Hang Seng fell 0.47 per cent.
The Canadian dollar traded at 72.58 U.S. cents.
