Canada election 2025: How rising prices and party policies will shape the nation’s economic future

Liberal leader: Mark Carney

Since taking over as Liberal leader and Prime Minister in March 2025, Mark Carney has taken a different approach to economic policy than his predecessor, Justin Trudeau. While Trudeau focused on government spending to drive economic growth and social equity, Carney is placing a stronger emphasis on fiscal responsibility and structural reforms.

One of Carney’s major priorities is eliminating internal trade barriers within Canada to create a more unified and efficient national economy. This initiative aims to strengthen domestic markets and reduce reliance on external trade, particularly amid rising protectionist policies abroad.

Unlike Trudeau’s significant deficit spending, Carney has signalled a shift toward balancing budgets while still maintaining targeted investments in infrastructure, innovation, and green technology. He argues that Canada must be more strategic with public funds, ensuring that investments yield long-term productivity gains.

Mark Carney's professional experience

Mark Carney is not a seasoned politician. However, his long career as an economic leader includes serving as the Governor of the Bank of Canada and Governor of the Bank of England — both terms served during particularly difficult economic climates. During his tenure at both national banks, he gained significant experience managing financial crises and maintaining economic stability. Carney’s expertise in global economic systems, inflation control and financial regulation gives him a solid foundation for navigating the current challenges Canada faces, particularly the risks stemming from external economic pressures. His background in international finance and economic policy would help him guide the country through complex financial issues.

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Conservative leader: Pierre Poilievre

Pierre Poilievre has focused on traditional fiscal discipline and the principles of limited government intervention. His platform emphasizes balanced budgets and reduced government spending as key to fostering economic stability. Poilievre advocates for lower taxes and a streamlined public sector, arguing that reducing regulatory burdens will encourage private sector investment and job creation.

Poilievre's policy proposals are aimed at reducing the national debt and curbing government expenditures, particularly in areas where his party has identified inefficiencies. He argues that fiscal restraint will create a more dynamic economic environment, ultimately benefitting Canadians by fostering job growth and financial security.

Pierre Polievre's experience

Pierre Poilievre is a seasoned politicians. He has served in various key positions, including as Minister for Employment and Social Development and Minister of State for Finance. Throughout his career, Poilievre has focused on fiscal responsibility, advocating for lower taxes, reduced government spending and balanced budgets. Poilievre’s approach to economic management is grounded in his belief in a smaller government, less-intrusive policies, leaner public sector programs combined with a market-driven economy, which he argues would help Canadians prosper.

NDP leader: Jagmeet Singh

Jagmeet Singh has presented a fiscal policy focused on social equity and robust public investment. He has advocated for increased public spending on healthcare, education and affordable housing. His proposal includes a progressive tax regime that targets higher-income earners to fund expanded social programs and infrastructure projects.

Singh's emphasis is on expanding social programs and ensuring that government spending is directed toward alleviating the burden of rising living costs. His plan is intended to deliver immediate relief while also investing in long-term structural changes to reduce inequality and promote economic fairness.

Jugmeet Singh's experience

Jagmeet Singh has been the leader of the NDP since 2017 and has a background in law and public service. His focus has been on addressing inequality through policies aimed at improving public services like healthcare and housing. Singh advocates for a progressive tax system that targets wealthier individuals to help fund current and proposed social programs. His leadership emphasizes the importance of inclusive economic policies, aiming to ensure that Canada’s economic growth benefits all Canadians, particularly those most affected by rising costs. Singh’s experience as a political leader and his advocacy for social justice inform his approach to managing the economy.

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Bloc Québécois leader: Yves-François Blanchet

Yves-François Blanchet has outlined a fiscal policy that prioritizes Quebec’s economic autonomy and the protection of provincial interests. His platform focuses on securing greater financial transfers from the federal government to Quebec for healthcare, education, and infrastructure projects. Blanchet argues that Quebec should have more control over its tax revenues and spending to tailor economic policies that best suit the province's needs.

Blanchet has also proposed measures to support small and medium-sized businesses in Quebec through targeted tax incentives and funding for local industries. His fiscal stance is rooted in advocating for a fairer redistribution of federal funds to ensure Quebec receives what he argues is its fair share of national resources.

Yves-François Blanchet's experience

Yves-François Blanchet, the leader of the Bloc Québécois, has significant experience in Quebec’s provincial politics, having served as a minister in various departments. He focuses on ensuring that Quebec's economic needs are addressed within Canada’s broader national policies. Blanchet advocates for greater financial autonomy for Quebec, including securing better federal transfers for the province. His economic approach is shaped by his commitment to protecting Quebec’s industries and ensuring that its economic interests are well-represented in the federal landscape.

Bottom line

As Canada prepares to vote, these different fiscal policies underscore a broader debate about the role of government in economic management during challenging times. With each candidate presenting a distinct vision for how best to navigate the current economic turbulence, Canadians face a critical decision at the ballot box — a decision that will shape the country’s fiscal future for years to come.