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Carney Spent Oil Windfall on Tax Write-off, Budget Watchdog Says

Bloomberg Markets Tuesday 20 October 2026, 16:21 UTC By Nojoud Al Mallees and Erik Hertzberg 1 min read
Key Points

Carney Spent Oil Windfall on Tax Write-off, Budget Watchdog Says Canada’s budget watchdog says new federal measures, including a major tax incentive for businesses, have more than offset a surge in revenues driven largely by higher energy prices. The parliamentary budget officer’s fiscal and economic outlook published Tuesday shows federal fiscal room has increased by C$37.4 billion ($26.6 billion) over 2026-27 to 2030-31 compared with the spring budget update. The PBO estimates higher...

Carney Spent Oil Windfall on Tax Write-off, Budget Watchdog Says Canada’s budget watchdog says new federal measures, including a major tax incentive for businesses, have more than offset a surge in revenues driven largely by higher energy prices. The parliamentary budget officer’s fiscal and economic outlook published Tuesday shows federal fiscal room has increased by C$37.4 billion ($26.6 billion) over 2026-27 to 2030-31 compared with the spring budget update. The PBO estimates higher energy prices will boost revenues by C$11.4 billion over the next three years.
Carney Spent Oil Windfall on Tax Write (ORG) Budget Watchdog (ORG) Canada (LOCATION) PBO (ORG)
Originally published by Bloomberg Markets Read original →

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