Canada's PM Mark Carney urges federal fiscal overhaul and pushes expanded fossil‑fuel exports

Prime Minister Mark Carney announced a set of fiscal reforms at a condominium development in Toronto, arguing that Ontario's economic competitiveness depends on changes to Canada's federal fiscal architecture. He highlighted combined structural deficits of about 3 % of GDP, rising public debt, an aging population, and the need to raise the Old Age Security eligibility age and introduce income testing to create fiscal space.

In a separate Canada Day video, Carney outlined a climate‑energy strategy that includes expanding fossil‑fuel exports and confirming a new oil‑pipeline agreement with Alberta Premier Daniel Smith. He acknowledged that Canada will miss its climate targets by roughly ten years, while also pledging to expand electricity infrastructure, including nuclear, solar, wind and hydro power. The proposals link domestic fiscal challenges with a shift toward greater resource export revenue.